{"id":1727549,"date":"2022-11-07T06:07:09","date_gmt":"2022-11-07T11:07:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1727549"},"modified":"2022-11-07T06:21:13","modified_gmt":"2022-11-07T11:21:13","slug":"seniors-feel-cheated-as-inflation-dims-their-golden-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/seniors-feel-cheated-as-inflation-dims-their-golden-years\/","title":{"rendered":"Seniors Feel Cheated as Inflation Dims Their Golden Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fseniors-feel-cheated-as-inflation-dims-their-golden-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1727549&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>For close to 47 million Americans, it was the best of times, and it was the worst of times. Indeed, the current cost-of-living crisis devastating millions of <a href=\"https:\/\/www.theepochtimes.com\/t-seniors\">seniors<\/a> nationwide has forced many to look back at the choices they made throughout their prime working years.<\/p>\n<p>Did they save and invest enough? Did they clock in enough hours during their career? Could they have put more money aside for a rainy day?<\/p>\n<p>The last time <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> was this high, Dennis O\u2019Connor, an 82-year-old retiree from Temecula, California, says he and his peers were able to weather the storm of rising prices. Today, however, they have limited options.<\/p>\n<p>\u201cWhen the last events occurred 40 years ago, we were employed. The overriding concern is we cannot plan <a href=\"https:\/\/www.theepochtimes.com\/t-retirement\">retirement<\/a> a second time,\u201d he told The Epoch Times. \u201cWhen you are younger and working you can recover. Retirees will never have that option.\u201d<\/p>\n<p>Before retirement, O\u2019Connor served as councilman and mayor for City of Oak Forest. He also worked as a senior executive on some of California\u2019s large infrastructure and environmental projects.<\/p>\n<p>\u201cLike most retirees, we are from the Silent and Boomer generations, and many are children of the Greatest Generation who experienced World War II and the Great Depression,\u201d he said.<\/p>\n<p>\u201cWe were told to save for retirement, don\u2019t depend on Social Security as it may not be there, contribute to a company\u2019s 401(k) or put money away,\u201d he noted.<\/p>\n<p>Many retirees depend on a fixed income from their pension plans or Social Security checks and their investments and emergency reserves are being imbibed by inflation.<\/p>\n<p>\u201cLike most of America\u2019s retirees, I am frightened,\u201d O\u2019Connor adds, noting that many seniors have no experience dealing with inflation and recession during retirement.<\/p>\n<figure id=\"attachment_4845810\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/11\/06\/OConnors-3_JF_10122022-1200x740.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-4845810\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/OConnors-3_JF_10122022.jpg\" alt=\"Epoch Times Photo\" width=\"2204\" height=\"1360\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4845810\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/OConnors-3_JF_10122022.jpg\" alt=\"Epoch Times Photo\" width=\"2204\" height=\"1360\" \/><\/noscript><\/figcaption><\/a> Dennis O\u2019Connor at their home in Temecula, Calif., on Oct. 12, 2022. (John Fredricks\/The Epoch Times)<\/figure>\n<p>He\u2019s especially worried about women from his generation.<\/p>\n<p>\u201cThey had greater challenges because of lower wages, lack of available retirement plans, and the breakdown of the family.\u201d<\/p>\n<p>In addition, the stock and bond markets have had a rough year, and it could be a while before investors see a recovery in their portfolios. The bear market has led to investment valuations crumbling as much as 20 percent for O\u2019Connor. His aggressive funds have tumbled between 35 and 40 percent.<\/p>\n<p>According to the Center for Retirement Research at Boston College, Americans lost\u00a0<a href=\"https:\/\/www.theepochtimes.com\/inflation-stock-market-meltdown-force-more-retirees-to-unretire_4736025.html\">$1.4 trillion<\/a>\u00a0in their 401(k) accounts and an additional $2 trillion in their individual retirement accounts (IRAs) in the first half of this year.<\/p>\n<p>Now that the specter of recession clouds over the nation, there is even more uncertainty for the markets.<\/p>\n<p>\u201cSadly, I and most retirees thought our futures would be comfortable, but now that is in doubt,\u201d O\u2019Connor said.<\/p>\n<p>A recent survey by <a href=\"https:\/\/www.allianzlife.com\/about\/newsroom\/2022-press-releases\/inflation-causing-majority-of-americans-to-stop-or-reduce-retirement-savings\">Allianz<\/a> found that more than half of Americans are being forced to reduce or stop their contributions to their retirement savings. Forty-three percent say they dipped into their savings, while 72 percent of Baby Boomers are concerned that growing living costs would affect their retirement plans.<\/p>\n<h2>Back to Work<\/h2>\n<p>Today\u2019s generation of retirees is now seeing every aspect of their lives dented by broad-based and persistent inflation. Gas prices, grocery store prices, and electricity bills have all increased by double digits this year.<\/p>\n<p>KT Hundsen\u2014she chose to use a pseudonym to protect her identity\u201462, lives in a suburb of Minneapolis, Minnesota. She and her husband of more than three decades led responsible lives. They pay their bills at the end of every month and refrain from carrying debt. The couple paid off their mortgage last summer and saved money while never overspending.<\/p>\n<p>\u201cWe did the very best job we could to prepare for our senior years,\u201d Hundsen told The Epoch Times.<\/p>\n<p>Her household lives on a few income streams, including Social Security, her husband\u2019s pension, and an annuity that he withdraws a certain amount from each year. The issue is that the income has been less than they anticipated because a cost-of-living adjustment is not attached to the pension.<\/p>\n<p>Her husband, 67, retired last summer. But the inflationary economy has forced him to return to work as a janitor at church. Although he had intended to work only eight to 10 hours per week, he has doubled his hours to help cover the cost of his wife\u2019s $600-per-month health insurance premium.<\/p>\n<p>The concept of \u201cunretirement\u201d has gained popularity this year. Like her husband, many older Americans are returning to the workforce or abandoning the concept of retirement altogether. According to data gathered by Bayard Advertising, a recruitment advertising agency, 64 percent of adults between 55 and 64 years of age returned to the workforce this past spring. About one-third of seniors think they will work through the age of 70 or never retire, a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/nearly-one-in-three-seniors-plan-to-work-past-70-or-never-retire-according-to-aag-survey-301285256.html\">study<\/a> by BlackRock discovered.<\/p>\n<p>While the extra money has been of tremendous help to the Hundsens, they receive some other perks from the church.<\/p>\n<p>\u201cIf they have an extra gallon of milk, he can bring it home, and then I make cheese with it,\u201d she said.<\/p>\n<p>She also feels like she should be working, but employment prospects with her credentials are hard to find.<\/p>\n<p>Meanwhile, in response to growing food costs, Hundsen is making other changes, especially after seeing the steady rise in prices at the supermarket. She usually buys turkey meat, but it was $11.99 a pound at the deli, \u201cso I didn\u2019t buy it.\u201d She is using her garden more often and putting the items in jars for canning.<\/p>\n<p>\u201cI\u2019m doing more of that than I have ever done before,\u201d she said. \u201cBut there are limits to how many adjustments we can make.\u201d<\/p>\n<p>When property taxes increase, gasoline prices go up, and other month-to-month fixed costs continually climb, everything start to add up.<\/p>\n<h2>Doing Everything Right<\/h2>\n<p>According to estimates from Bloomberg economists, inflation costs have added more than <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-29\/u-s-households-face-5-200-inflation-tax-this-year-chart\">$5,000 a year<\/a> to the typical family\u2019s budget.<\/p>\n<p>\u201cI feel kind of gypped because we thought we did everything right,\u201d Hundsen said. \u201cWe weren\u2019t extravagant. We didn\u2019t buy too much. We drove our cars for 15 or 20 years. We didn\u2019t do anything fancy. And, I don\u2019t know, it\u2019s kind of stunning.\u201d<\/p>\n<p>\u201cBut I\u2019m sure there are people who are much worse off than we are,\u201d she added.<\/p>\n<p>According to Clara Del Villar, director of senior initiatives at FreedomWorks Foundation, 40 percent of Americans have no savings in their retirement.<\/p>\n<p>\u201cSo that means during these volatile times and during inflationary times, they do have to go back to work,\u201d she told The Epoch Times. \u201cTheir skills may not be up to date. So, you do see them more in Walmart or other big box retail stores.\u201d<\/p>\n<p>While Hundsen is hopeful conditions will get better, she is not optimistic about all the debt the U.S. government has saddled her two sons and their family with for years to come.<\/p>\n<p>\u201cThere\u2019s no good solution. That will be painful,\u201d Hundsen said. \u201cIt\u2019s depressing to think, how will we ever dig ourselves out of that hole?\u201d<\/p>\n<p>The national debt recently topped $31 trillion, while interest payments were approximately $400 billion last year. In other words, each taxpayer is on the hook for around $248,000 of the debt, and each adult is responsible for nearly $14,000 of the total interest paid.<\/p>\n<h2><strong>The Forgotten Americans<\/strong><\/h2>\n<p>Although their stories are all too common in this climate, O\u2019Connor feels that retirees are the forgotten ones because their life challenges are not understood by the news commentators, editors, policymakers, and the social media crowd.<\/p>\n<p>\u201cWe have no spokesperson that understands the lack of control retirees are facing,\u201d he said. \u201cWe have little margin for error, and how do you put a price tag on so many emotional issues?\u201d<\/p>\n<figure id=\"attachment_4845786\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/11\/06\/OConnors-6_JF_10122022-1200x779.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-4845786\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/OConnors-6_JF_10122022.jpg\" alt=\"Epoch Times Photo\" width=\"2150\" height=\"1395\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4845786\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/OConnors-6_JF_10122022.jpg\" alt=\"Epoch Times Photo\" width=\"2150\" height=\"1395\" \/><\/noscript><\/figcaption><\/a> Dennis O\u2019Connor and his wife Christy O\u2019Connor at their home in Temecula, Calif., on Oct. 12, 2022. (John Fredricks\/The Epoch Times)<\/figure>\n<p>\u201cIt is unfortunate we have media and political leaders that show little interest in our value,\u201d O\u2019Connor added.<\/p>\n<p>It is this bleak attitude\u2014and then some\u2014that is being felt throughout the country, Del Villar adds.<\/p>\n<p>\u201cI think there\u2019s more anger out there, this being downplayed in the media,\u201d she explained. \u201cI think the media is really downplaying how destructive this inflationary force can be.\u201d<\/p>\n<p>Social Security recipients will receive a more than 8 percent increase in their benefits next year. Unfortunately, according to Del Villar, this will still fall short of helping seniors or retirees, especially during the fall and winter months, as overall energy costs are forecast to balloon by 20 percent year-over-year.<\/p>\n<h2>Reassessing Retirement<\/h2>\n<p>This dire situation that has left too many seniors in the lurch could lead to a broader conversation about the state of retirement, says Laurence Kotlikoff, a professor of economics at Boston University and a New York Times best-selling author.<\/p>\n<p>Be it the tax impact on Social Security checks or the public failing to examine their employers\u2019 401(k) program adequately, it has been \u201can experiment fiasco\u201d for far too many people.<\/p>\n<p>Considering that Social Security\u2019s cash reserves are <a href=\"https:\/\/www.ssa.gov\/policy\/docs\/ssb\/v70n3\/v70n3p111.html\">projected<\/a> to run dry by 2034 and that unfunded liabilities exceed $163 trillion, that conversation might need to happen sooner rather than later.<\/p>\n<p>Inflation is embedded in nearly every component of the U.S. economy. Stocks are stuck in a bear market, the post-pandemic economy is slowing down, and taxes are on the rise.<\/p>\n<p>These features of the current economic landscape leave too many senior Americans struggling to keep their heads above water. What should be a time to relax, do things they love, and spend time with the grandkids is now being spent by millions of retirees or soon-to-be retirees to head back to the workforce or squeeze every penny.<\/p>\n<p>This is not how older Americans thought their golden years would be.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-andrew-moran\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_AndrewMoran.jpeg\" alt=\"Andrew Moran\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of &#8220;The War on Cash.&#8221;<\/p>\n<\/p><\/div>\n<\/div>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-emel-akan\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/15ef0812da90bd74_ttl7dayCNO_WEB_EmelAkan-1.jpg\" alt=\"Emel Akan\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Emel Akan writes about business and economics. Previously she worked in the financial sector as an investment banker at JPMorgan. She graduated with a master\u2019s degree in business administration from Georgetown University.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>For close to 47 million Americans, it was the best of times, and it was the worst of times. Indeed, the current cost-of-living crisis devastating millions of seniors nationwide has<\/p>\n","protected":false},"author":1,"featured_media":1727552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1727549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1727549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1727549"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1727549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1727552"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1727549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1727549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1727549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}