‘Inflation has really taken its toll’: Woman, 75, tells Dr. Phil her savings, Social Security and job income are not enough to ‘make ends meet’ — says ‘it’s scary’ seeing her money disappear
Retirement is not an option for Betty, a 75-year-old who claims she’s forced to work due to the devastating impact inflation has had on her finances.
“I’m still working to make ends meet” the struggling senior revealed in an April episode of Dr. Phil Primetime — adding that she never dreamed she would end up in this situation.
Don't miss
Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today, no matter what the US Fed does or says
These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
After getting divorced later in life, Betty said she “had to make [her] own way,” which was scary for many reasons. But she secured a job at a bookstore, working her “exhausted” body 24 hours a week to bring in some extra money to help her pay her rent and living expenses.
“I don’t want to continue to work low-paying jobs, but I have to. I’m living on the edge,” she told Dr. Phil. “Inflation has really taken a toll on my finances.”
With inflation proving sticky after its pandemic highs, Betty is one of millions of Americans struggling with the cost of living. Some seniors are resorting to working until they die just to get by.
Running out of money
Betty told Dr. Phil her living expenses are $3,500 to $3,800 every month, but she only brings in around $2,300 from her low-paying job and her Social Security income. That leaves a gap of $1,200 to $1,500, which she must cover by eating into her savings.
“It’s scary when the savings goes down, down, down,” she said. “You don’t know how long you’re going to live and you don’t know if you’re going to wear out your savings.”
Betty is by no means alone in fearing that eventuality. According to a study by Allianz Life, nearly two in three Americans worry more about running out of money than death.
High inflation was singled out by the Allianz survey respondents as the most common concern contributing to this worry about running out of money — followed by Social Security not providing as much financial support as it should and high taxes.
One remedy to that is to work longer and retire later — but Betty fears she will never retire at all.
Again, this is not unusual. Nearly half of working baby boomers have no retirement savings and many Americans who have stashed away funds in dedicated accounts like a 401(k) or an individual retirement account (IRA) have not saved enough to live comfortably through this period of inflation.
Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
Seniors seeking employment
To try and prevent a late-in-life money crisis, Betty told Dr. Phil she went to a career connections class at the age of 65 — and while she did manage to secure work at a bookstore — the experience made her feel “hopeless.”
“I realized that no one really wants to hire someone that’s over 60,” she said. But Betty is part of a growing cohort of senior Americans desperately clinging onto work or seeking employment through their later years just to get by.
Erica Sampson, a senior employment specialist with the Senior Source — an organization that advocates for and protects the rights of older adults and helps them to find work — told Dr. Phil she’s noticed more and more seniors “living in a constant state of crisis” since the pandemic.
She said Americans in their 70s are reaching out for immediate job leads because, like Betty, they “can’t afford [their] rent this month.”
“My clients are looking for work now,” Sampson noted, adding that the type of work seniors can secure really “depends on the person.”
“When I speak with somebody, the first thing we’re doing is assessing whatever their gaps to employment are,” she said. “It may be transportation, it may be learning how to modernize their resume or just finding ways to reskill themselves. It varies.”
What to read next
Car insurance premiums in America are through the roof — and only getting worse. But 5 minutes could have you paying as little as $29/month
Jeff Bezos, Mark Zuckerberg, and Jamie Dimon are selling out of US stocks in a big way — here's how to diversify into private real estate within minutes
'It's not taxed at all': Warren Buffett shares the 'best investment' you can make when battling rising costs — take advantage today
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
