Many Americans aged 80 and older, like Jim Uhrinyak, are facing financial challenges that compel them to work beyond typical retirement age. With insufficient savings, health issues, and inflation impacting finances, older workers increasingly seek additional income to supplement Social Security. An analysis by Gusto highlights a 25% rise in workers over 80 since 2022, indicating a significant trend for older adults re-entering the labor force due to economic pressures. This ongoing series aims to shed light on the retirement outlook of older Americans.
"I never saved for retirement," said Uhrinyak, who lives in Arizona. "It is miserable at an older age not to have funds to enjoy the last years of your life."
"The economy and current prices are in a place where they're really forcing folks to reconsider or even rejoin the labor force," Nich Tremper, a senior economist at Gusto, said. "These are folks who are just likely looking to earn a little bit extra to have their money last as long as the month does."
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