(NewsNation) – Skyrocketing prices for basic necessities are forcing some older Americans out of retirement as U.S. inflation continues to hit new highs.
According to a Wall Street Journal report, about 480,000 adults over the age of 55 have started looking for a job in the last six months alone. That compares to the 180,000 adults who searched in the six months leading up to the pandemic. This increase is partly due to the outsized impact that inflation is having on people’s ability to retire.
The government’s consumer price index, released Tuesday morning, showed prices rose 8.5% in March compared to 12 months earlier, according to a Labor Department report. This is the fastest annual rise in inflation since December 1981, beating February’s 12-month rise of 7.9%, which itself hit a 40-year high.
According to the Schwartz Center for Economic Policy Analysis, one in four adults said inflation is the biggest threat to their retirement savings in 2022. That’s more than worrying about healthcare costs, surviving your cash, or job security combined.
Even before the pandemic, the economic health of some retirees varied. Older workers without college degrees averaged only about $9,000 in retirement savings, compared to $167,000 for those with college degrees.
In February alone, 3% of retirees re-entered the workforce, a trend that should continue for months, according to Indeed.
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