The original intent for putting together the Social Security program was to help older Americans be able to thrive financially during their retirement years. To not have to worry about how they would pay their bills or cover the costs of medical expenses that become a routine part of life as one ages.
Unfortunately, there are currently millions of retired Americans who are now coming to the realization that their monthly Social Security payments are woefully inadequate to pay their bills and cover costs of items they need to live, all because of massive inflation that is constantly driving up the cost of living. A recent survey discovered that a staggering 85 percent of adults in the United States refer to inflation as the single most important political issue they are facing.
And senior citizens are being hit extremely hard by it all. A different survey was done by the Motley Fool that found 44 percent of those who are retired are considering a return to the work force because they do not have enough money to survive.
A growing number of retired Americans are considering returning to work as they continue to battle chronic inflation, according to a new survey published by the Motley Fool.
About 44% of respondents said they are thinking about looking for work because their Social Security benefits have not adequately kept pace with high inflation.
It’s not easy to get back to work when you are in your 70s or higher. But not having enough cash to ensure you have your food and medicine is a good motivator for getting you to at least attempt to go back to work.
The current Social Security payment is less than half of what the average retiree American spends a month to live.
The average monthly Social Security payment in 2024 is $1,907, according to the Social Security Administration. But that is just a fraction of the $4,818 that Americans age 65 and older reported spending in 2022.
And the cost of living is just going to get higher and higher, thanks in large part to the incompetence and corruption inherent in the leaders running the country.
Washington has borrowed so much cash that we’re now spending more than a trillion dollars a year on just paying down the interest on our national debt. Let that sink in for a moment. And to add insult to injury, we’re actually spending far more cash on paying interest on our national debt than we are on national defense.
Things are bad to say the least.
In other words, inflation is probably here to stay for a long visit.
To help paint an even broader picture of the awful condition our economy is in, foreclosures on homes went up once again last month.
Home foreclosures rose again in May as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions.
Making matters worse for those who have retired, finding jobs they actually can do, like maybe being a greeter or cashier at Walmart, is going to be difficult because things are so bad at the moment, the retail giant is being forced to close down stores.
Walmart has decided to close three more stores across the US, bringing this year’s total number of failed locations to 11.
The retail giant said these three stores – located in Georgia and Colorado – underperformed financially.
Things are bad and getting worse. Let’s hope we get some relief sometime soon.
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