![65-and-older-workforce-chart](https://d2c13moo8u717n.cloudfront.net/wp-content/uploads/sites/11/2024/02/26130926/65-and-older-workforce-chart.png)
Important Takeaways:
- The Great Unretirement: How millions of senior Americans are heading back to work to pay the bills after soaring prices ate up retirement savings
- When Joyce Fleming retired in 2019, she thought that she was finished with working.
- But just a few years later, spiraling living costs have pushed the 70-year-old nurse back into the workforce in order to make ends meet.
- The price of everyday essentials, car ownership, insurance and housing have soared in the last few years, driven by rampant inflation.
- And she is by no means alone. One in eight retirees plan to return to work in 2024, according to a survey by Resumebuilder.com – amounting to approximately 6.25 million Americans.
- A recent study found that $1 million in retirement will only last just over 10 years in some states.
- Nowhere in the US would the savings last longer than 22 years, 8 months and 12 days, the analysis by GOBankingRates found.
- Experts recommend deferring taking social security as long as you can as claiming early results in a lifetime reduction in payments.
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