Inflation and economic recession fears frighten Americans of retirement age

We freak out.

a alcohol marketsink 401(k) plans, and high inflation Americans are rightly afraid—especially those who are of retirement age or on the verge of retirement.

“When you hear the blues and the gloom, you feel sad and gloomy,” said Jo Sol Sahee, a former financial advisor and co-host ofBenjamins Stacking Podcast’” told The Post. “You go to the gas station, you go to the grocery store, and you can see things go wrong in a hurry.”

According to a study conducted by Global Atlantic Financial Outlook in April, Three out of five investors believe in retirement age Existing conditions will cause the nest eggs to empty.

But Saul Shy warned Americans not to press the panic button — even if they’re in the older age bracket.

“I realize that this is the money you are going to spend the rest of your life,” said Saul the Elephant. “You don’t have to worry about your entire nest egg, just what you’ll be spending in the next few years.”

Financial advisor Jo Seul-sehee, leaning against the wall and smiling.
Even if you’re feeling “gloomy and gloomy,” said Jo Sol-Sahe, a former financial advisor and co-host of “The Stacking Benjamins Podcast,” don’t hit the panic button.
Natalie Jennings

His short-term advice: Find ways to tighten your belt, re-evaluate your portfolio and pick up part-time work to supplement your income temporarily.

“We’re probably in a recession, but it’s easier than ever to get a job,” Saul-Sehy said, adding that history is repeating itself: Note how the economy rebounded from the previous downturn in 2002 and 2007.

“I can control my budget, I can control the things I value, the things I save and what moves I’m going to make financially. I focus on those things, my anxiety goes down.”

The Post spoke to three people about how they reset their post-career plans.

A $100 bill is stuffed into a car's fuel tank, to illustrate the current economic pressures Americans face.
The high cost of fuel is just one of the many strains on the pocketbooks and wallets of Americans approaching retirement age.
stock struggle

back to work

Just before the pandemic, 58-year-old Virginia resident Terry Tekan retired from her job as a school administrative secretary in order to help take care of her elderly father. Her mentor’s husband plans to follow her into retirement this or next year, and the pair will move to Florida.

“We had plans. “Suddenly, they didn’t do that well,” Tekan told The Post. Instead, her husband is indefinitely delaying filing his papers, and she will be back at work.

“I am getting ready to start looking for another job again,” said Tekan, who is looking for work within the school system in hopes of increasing her pension and health benefits.

If things were the way they were two years ago, they would have been fine without me working. We thought we were doing everything right.”

Tekan—whose son, husband, and husband live together—her son and husband—points to rising gas costs, inflation and rising housing prices as drawbacks.

“I’m really nervous,” she added.

But, although her golden years approached with newfound uncertainty, Tychan’s grandchildren were a silver lining: “The kids really do brighten your day. They have been a blessing.”

Donna Jackson of Syracuse and her son upon his graduation.  Jackson retired from the Air Force and worked as a court reporter.  The economy made her rethink her plans for the future.
Retired court reporter Donna Jackson, 56, had entered her son in college and was preparing for the next chapter in life — but now has to re-enter the workforce.

Delaying retirement benefits

Last week, 56-year-old Donna Jackson retired from her job as a judicial reporter. The New York-based mother, Syracuse, who also has an Air Force pension, had recently overcome a chronic health condition and wanted to enjoy her life.

“I’ve been a single mom since 2000. I raised my son and got him in college. I have two healthcare plans. I’m doing everything right. But things look different than they did two years ago,” said Jackson, who also works with the Air Force.

She was planning to become a snowbird, renting a few different places with warm weather before deciding where to settle. She was also considering selling her primary home to be near her son in Washington, D.C. Instead, she had to pivot, staying high while her contract work ramped up.

“I’ll see where I am in six months, and I’ll see if I’m making good money from contract work. If I feel I can keep it, I’ll pull the pin [and go south]She said.

To offset the inflation, she tightens her belt — forgoing expensive facials, budgeting her groceries and considering selling one of her cars.

“The average bear market lasts nine to 10 months, so I kept telling myself it’s going to be fine,” she added.

Donna Jackson, retired Air Force One, in uniform.
Donna Jackson’s Air Force pension doesn’t stop her from worrying about the current economic climate.
Photo courtesy of Donna Jackson

pension payment

This month, New York City orchestra teacher Daniel, whose last name has been withheld for professional reasons, is ready to quit his career after 20 years in the public school system.

I had to postpone. I’m afraid my pension will not be enough with the rising cost of living,” he told the newspaper.

Daniel and his 59-year-old wife have three adult children, live in Brooklyn, own a second home in Pennsylvania and hope to travel.

“Now my 401(k) wife has lost a lot of money,” said Daniel, a Ukraine native. “We don’t know how long it will take to recover.”

Among his concerns are the rising costs of treatment and food and gas bills.

“Every day I think about it [finances]. Part of the American dream is to be able to come to this country and work,” Daniel continued. “You get the benefits of what you built or earned. Now this dream is not safe.”

After consulting his financial advisor Vlad Shaffer, Daniel decided to work for at least another year.

He said, “I started working when I was 17. You finally wanted to live your life.”