Retired Senior Takes on Part-Time Job Amid Rising Poverty Among Black Retirees.
Janette Campbell once dreamed of traveling the world, but like many other retired Americans, she’s now working part-time to make ends meet.
At 74, retired teacher Janette Campbell is working a part-time job to cover her bills after realizing her fixed retirement income wasn’t sufficient to get by.
Campbell’s story reflects the concern of over half of Americans aged 50 and older, who worry about having enough money to cover living expenses as they near retirement, according to an AARP study. “One in five adults who haven’t retired have no retirement savings,” said Indira Venkat, AARP’s Senior VP of Research. The study also found that one in four adults over 50 expect never to retire, a trend Venkat attributes to rising inflation, housing costs, and increasing debt levels.
Black retirees rely more heavily on Social Security for income than their white counterparts and are more than twice as likely to face poverty. AARP attributes this to lower wages, higher unemployment rates, fewer workplace retirement benefits, and lower homeownership rates among Black workers. In May, Indeed Influx shared data from a survey of 1,000 U.S. seniors aged 62 to 85, showing a trend of “un-retirement.” The survey found that one-third of retirees take on one or more temporary job shifts weekly, while 42% of non-retired seniors are considering temporary work.
Moneywise advises retirees to consider part-time work for financial stability, encouraging them to update job skills and find less physically demanding roles. Tax benefits, such as the Retirement Savings Contributions Credit (Saver’s Credit) and catch-up contributions for those over 50, are available to help. If part-time work isn’t a fit, retirees might explore real estate investment or cut living expenses by downsizing housing or transportation. As highlighted by BLACK ENTERPRISE, experts recommend that Americans in their 50s approaching retirement should have over $200,000 in their 401(k) accounts.
