Charles Esther
Sharon Tagle believed her finances were solid when she retired seven years ago.
However, rising inflation and a failed home sale forced her to reconsider.
In December, the 68-year-old from Tampa, Florida, started working 20 hours a week as a cashier at Home Depot, earning $15 per hour.
She expects to continue working for several months and possibly longer if her financial situation does not improve.
“I’m sorry that I left my job as soon as I did, but things were getting to me, and I just didn’t want to work anymore,” Tagle said.
“I was not as frugal as I could have been.
We’re still having a good time, just not having it as much.”
Tagle retired from her role as a personal injury claims adjuster with about $250,000 in savings.
She and her husband collect about $3,400 monthly from Social Security.
They planned to sell their Florida home and relocate to a state with a lower cost of living but could not secure a buyer.
Tagle is one of many older Americans who are delaying retirement or returning to work due to economic uncertainty and fears about the future.
Financial Concerns Are Growing Among Retirees
Those returning to the workforce have expressed concerns about the fate of Social Security, Medicaid, and other benefits amid federal budget cuts.
Others fear how tariff policies and market volatility will impact their retirement savings.
Returning to work, however, is not always an option for everyone.
Geoffrey Sanzenbacher, a research fellow at the Center for Retirement Research at Boston College, explained that many older Americans worked physically demanding jobs that they can no longer perform.
These individuals often lacked access to employer-sponsored retirement plans, hurting their ability to retire comfortably.
Social Security and Medicaid Cuts Fuel Anxiety
Earlier in April, House Republicans passed a budget plan proposing $880 billion in cuts to programs under the House Energy and Commerce Committee over the next decade, including Medicaid and Medicare.
While former President Trump stated he would not cut Social Security or Medicare, the Social Security Administration has announced plans to cut up to 7,000 employees.
This could lead to longer wait times and disruptions in benefits.
Former SSA Commissioner Martin O’Malley and agency staff warned that such disruptions could affect benefit payments.
Meanwhile, economic uncertainty and recession fears have pushed more seniors to reenter the workforce.
Finding a Job Is Not Always Easy
Amanda Clayman, a financial therapist, noted that older job seekers often face rejection due to age discrimination.
She encouraged older Americans to broaden their job searches and consider part-time or temporary roles, even if they are not ideal.
“The goal may no longer be finding the right job or what the right job might be,” Clayman said.
“Any financial boost is worthwhile.”
Some Older Americans Are Starting Businesses
Diann Witherspoon, a 72-year-old from Ohio, is preparing to relaunch her fiber art and quilting business.
Financial insecurity prompted her decision after years of living paycheck to paycheck and raising two special-needs children.
Witherspoon previously held accounting and property management jobs while sewing as a side hustle.
Following back and knee surgeries, she found herself physically unable to return to traditional employment.
She was laid off in 2017 and later lost her husband to lung cancer.
In December 2022, she closed her quilting business after a period of grief and additional surgeries.
Now, she lives off half of her husband’s retirement income, which is $467 monthly, plus $2,137 in Social Security.
Her $1,700 monthly mortgage payment leaves little room for other expenses.
Her son, who lives with her, contributes to the household bills.
Witherspoon is designing new patterns to sell online and plans to offer classes.
She hopes to earn between $2,000 and $5,000 a month but wants to keep operations small enough to avoid needing employees.
“I just want to be able to sustain it myself so that we can survive,” she said.
“For the first time in 72 years living in this country, I am afraid.”
Others Are Struggling to Find Employment
Moira MacLean, 69, retired two and a half years ago from her job as a social assistance case manager.
She left when her company resisted allowing her to work part-time due to fatigue.
Living in Washington, MacLean has been surviving on her savings and $2,280 in monthly Social Security payments.
But with her savings dwindling, she has reentered the job market seeking a similar position.
So far, she has been unsuccessful, which she attributes to her age and time away from the workforce.
MacLean also attempted to start an Amazon third-party seller business, but the venture left her in debt.
“There is zero room for investing anything differently than I already have,” she said.
“I live too close to the edge to do anything about that.”
Pam Hovland, 70, shares similar fears.
She worries that a recession would make finding work even harder.
“It scares me to death,” Hovland said about the possibility of an economic downturn.
“So I’d like to try to get a job before it all takes effect.”
Hovland, also living in Washington, previously worked as a medical transcriber until a health issue forced her into early retirement.
Since 2020, she has relied on Social Security income, receiving about $1,099 monthly.
By 2022, she began struggling to cover basic expenses.
Despite securing reduced rent through a HUD program, she is actively seeking customer service or fast-food positions to make ends meet.
“I desperately need to get back to work,” she said.
“But because I didn’t build up enough money when I became disabled, I’m very much scraping by.”
