As a result of President Biden’s flawed policies, many retired Americans will likely be forced to get back to work because of the rising inflation. A new survey has discovered that one in five retirees may be going back to work in order to make ends meet.
The present inflation crisis in America continues to impact citizens in every way possible. Its effects are now also being felt by those who had retired, thinking they never had to go to work again. Several retirees are finding themselves drifting away from the sunset of their lives and back to the workforce.
This trend is a complete turnaround from the one seen during the early days of COVID-19, when many Americans chose to retire early and leave the labor market.
Resume Builder commissioned a survey for American retirees, revealing that one-fifth of correspondents will be coming out of retirement in the coming year.
According to Americans who are coming out of retirement, the rising costs of consumer products is a major factor that’s influencing their decision. Around 70% of the correspondents believed that they would have to go back to work to tackle the issue.
A study posted by the website “Indeed” shows that around 3% of people who took early retirement had been employed again since March 2022.
As inflation reaches a 40-year high, experts believe the prices of most products will continue to increase, and it might lead the American economy toward a recession.
The Biden administration has downplayed the effects of inflation for months before finally appearing to take the issue seriously.
Recently, the Federal Reserve raised short-term interest rates. And, in response to the many concerns about spiking inflation rates, interest rates are expected to rise more in the near future.