In earlier generations, retirement was looked at by Americans as their golden years. This may no longer be the case for seniors. It is estimated close to half of all Americans facing retirement age are economically insecure. More than a quarter of all individuals facing retirement have less than $1,000 in savings. The average senior citizen has to pay almost $400 per month to cover basic medical needs. This includes Medicare premiums, supplemental coverage and other medical related expenses. If you are in poor health, it is estimated you will spend over $500 per month in medical related expenses during your retirement.
Seniors Working After Retirement
Working after retirement sounds strange. The purpose of retirement is to not work. It is to enjoy your life. Unfortunately, enjoying your life in America requires having enough money to live on. More and more seniors are finding after they retire their savings, social security and retirement income is inadequate to maintain a reasonable lifestyle. So seniors find themselves retired but still working. Some seniors go back to work at the job they used to have. More often than not, they end up with new or alternative employment which pays them less than they were making before they retired. Having the financial inability to support one’s family in retirement results in seniors being forced to work their entire lives. Retirement requires a financial ability to retire. Without financial portfolios, pensions, 401(k)s, annuities, and sufficient social security payments many seniors will find that retirement does not exist for them.
Conclusion
Retirement was something Americans once looked forward to. For as many as half of the seniors in the United States, this is no longer practical. The impoverishment of senior citizens and their inability to retire and enjoy their remaining years with a modicum of dignity and an enjoyable lifestyle may not exist for a large portion of seniors. This is unfortunate and shameful.
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He drafts will and trusts. He probates wills. He assists seniors with estate planning and elder care issues. Feel free to call if you have questions.
