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Seniors Going Back To Work to Salvage Their Retirement Nest Eggs, Says AMAC

WASHINGTON, DC, Oct 25 – Seniors who went back to work after retirement used to do it to keep busy, but the Obama Recession and the uncertainties of the Affordable Care Act have made it an economic necessity for more and more older Americans, according to Dan Weber, president of the Association of Mature American Citizens.

“Two recent Gallup surveys show that there are more post-retirement job seekers out there than ever before, mainly because they’ve lost confidence in the economy.  The historically destructive recession that started as the president took office and his inability to speed up the recovery have seniors scrambling for ways to salvage what’s left of their retirement.  Bear in mind that while the net worth of all Americans has declined sharply during this period, seniors have been hardest hit.”

In one study released a few days ago, Gallup concluded that “Americans’ biggest financial concern is funding their retirement, with 61% worried about having enough money for that. This worry has been exacerbated by the recession’s aftermath, which has perhaps caused more seniors and baby boomers near retirement age to remain in the workforce and postpone retirement until they have replenished their nest eggs.”

Gallup also reported that confidence in the U.S. economy is hovering at lowest levels in five years and that its Standard of Living Index is down to discouraging levels, Weber noted.

The debut of Obamacare, he said, has been an unmitigated disaster and that while there may be fixes for the innumerable so-called glitches in its technological architecture, more substantial troubles may lie ahead.

“News coverage has put a spotlight on the fundamental flaws of the law.  For example, people are finding out that their health insurance premiums are increasing faster and higher than anticipated.  They are also discovering that deductibles are going to be super high.  But, most important, the law is already having a negative impact on the job market—with employers opting for part time workers to avoid staggering new health insurance costs.”

Weber cited yesterday’s New York Times, one of the most liberal newspapers in the nation, which headlined its front page coverage with this banner: Health Care Law Fails to Lower Prices for Rural Areas.  The story noted that: “As technical failures bedevil the rollout of President Obama’s health care law, evidence is emerging that one of the program’s loftiest goals — to encourage competition among insurers in an effort to keep costs low — is falling short for many rural Americans.”  It went on to note: “rural areas and small towns have far fewer carriers offering plans in the law’s online exchanges. Those places, many of them poor, are being asked to choose from some of the highest-priced plans in the 34 states where the federal government is running the health insurance marketplaces.”

About The Author

Daniel C. Weber founded the Association of Mature American Citizens in the summer of 2007. Dan Weber sees AMAC as a way to unite citizens to defend our American way of life. To enrich the lives of AMAC’s members, Weber has assembled a package of benefits and discounts for Americans 50+ that they can get nowhere else.

More Articles by Daniel C. Weber

Comments (96)

  1. Lucy Mauterer says:

    The big terror for Seniors is the ACA. Yes, we are still having to work in our later years. No one fully expected that. Many of us planned for retirement hoping we would not be a burden to our loved ones. However, the economy due to the current regime’s fiscal practices, has not only not recovered, it has begun to slide backwards again. Seniors need to band together and support one another in this uncertain time. Everything we can do to help one another make each dollar stretch a little farther or to make a little more money each month is something.

  2. Joe says:

    I worked in manufacturing until I was 70. (2008) I was terminated as the company went in another direction. Was off work two years, Wife passed away and I found a need to go back to work. I was fortunate to find a part time job that turned into full time. (2011) Social Security wasn’t cutting it. I had no other income. I just turned 75 (2013) and don’t know how long I will be able to work. I am in good health, thanks be to God. I will continue for as long as I can.

  3. Michael J. Clark says:

    Will some out there, please tell me why the RINOS are still helping and covering up for worst and dumbest pres. in the history of this great republic of WE THE PEOPLE…………….IMPEACHMENT is in order………

    the seniors all must put a stop to all the fraud in d.c. period……………..before it is to LATE………………..mjc

  4. peter ferretti says:

    Never vote for an INCUMBENT and IMPEACH, IMPEACH, IMPEACH !!!

  5. peter ferretti says:

    Please don’t vote for any incumbents! Repubs. could have solved most of our present and future problems by Impeaching Obama 3 years ago. Also, could get Mexico to try OBAMA at the Hague for illegal gun running into their Country. Germany, France , and Spain should drop all diplomatic and trade contact with the US until we have a new Pres.

  6. MaryEtta says:

    I am 61 years old, and was forced into early retirement because I was forced out of my nursing job because of my health and could no longer do bedside care. I applied for hundreds of jobs on at least 20 web-sites for head hunters. I went to interviews and tried for 2 years to get a desk job. No one will hire me at aged 61 with over 25 years of experience at the bedside and department director level. Many of my colleagues that are 60 or older are being replaced with “candidates the are a better fit to the job position.” Translation, 20 year olds with no experience who will be cheap patient care but not experienced to give quality care. God help us all.

  7. silver rabbit says:

    Just a suggestion for those looking for other ways to invest their funds and receive a reasonable interest rate. If you know of well established, financially sound, small business in your area you might consider talking with them and negotiating a loan to one or more of them in lieu of their standard business lines of credit with the banks. My husband and I do this with a firm in our area. We charge them a small setup fee and 6% annually on the balance. The payment plan is structured for the benefit of all and the loan pays off and can renew every year. As small business owners ourselves we have become aware of the fact that the banks are taking longer & longer to either grant or renew business lines of credit for small businesses, and their fees are becoming rediculous. These LOCs provide the cash flow for operations/growth necessary to build our economy. We have found this avenue to be a great advantage for us and the businesses involved as we get a good R.O.I. and the business gets a very reasonable interest rate. You must of course be careful in your selection process and this option is not without some risk. But we have found it to be very helpful to us.

    • PaulE says:

      Very good suggestion in our current economic environment silver rabbit. The most important aspect of your message is that people have to be willing to think outside the usual confines of simply relying on savings accounts or CDs from banks to generate decent interest rates. They also have to be willing to accept a small degree of risk (there really is no such thing as risk free anymore anyway), but if as you say they are very careful screen prospective business owners, this is certainly a very viable option.

  8. Fred says:

    Where the hell was I when they passed Medicare! It is as big a crock as Obamacare.I pay over $6000.00 a year for Medicare + Supplement and my wife’s BC/BS and she has a high deductible on that.I presently have a hernia and after much research I have found several surgeons that I wish to due the repair.However they do not accept Medicare and Medicare does not reimburse unless you go to one of their doctors.I will have to pay the total cost of the surgery myself which I really can’t afford.I was happy with my BC/BS but when I reached age 65 the government made me go on Medicare,this is wrong.The government should not be in the healthcare business(or any business in the public sector field).
    We are all going to be broke and that is the aim of the liberals,they want everyone living in large cities and dependent on them for all our needs.It’ ain’t gonna happen!

  9. Alfred L. Kreps says:

    I will be 81 next week. Both the wife and I are still working. I am in the 62nd year of the same career having began at the age of 19. We have been most blessed with reasonable success and the ability to develop a reasonable net worth. However, as one person stated, we work but the government taketh away. We are on Medicare but still pay over $25,250.16.00 for our health . In addition our financial success is respected by having our government take $463.02 per month from our social security check. Then, because the results of working hard, saving and investing, we pay on 85% of our gross social security check at our ordinary income tax rate. We paid income taxes on the funds contributed to FICA and FUTA, began paying FICA at the age of 12, received nothing on those funds from good old Uncle Sam, now pay taxes to get the money back and pay an income tax on 85% of the $463.02 taken out for Plans B and D. Our cost of the $463.02 including the income tax is $584.09 per month,$7,009.08 each a year or a total of $14,018,16 for the both of us. Then there is another $6,300.00 in income tax on the remaining 85% of the gross after subtracting the $463.02, Therefore, the total cost of our Medical Insurance is $31,550.00.00. The Affordable Health Care, even Medicare, is becoming very unaffordable to us as we subsidize others. Our government penalizes success to the benefit of their own egos to get votes. Our nation was founded because King George was taxing without representation. American Citizens are being taxed with representation. IS IT TIME FOR ANOTHER TEA PARTY REVOLT?

  10. Charles Allman says:

    Why has there not been an outcry against the Fed’s money policy wherein they pump billions of dollars into the economy each month and thereby depress the interest rates for savings while also devaluing the currency? This policy
    effectively targets senior citizens who have responsibly saved for retirement and who now are having those savings eroded by devaluation and by interest earnings of less than 1% on CDs and other “safe” investments. Meanwhile, the actual inflation rate is being grossly under-reported. I am certain that the 1.5% SS increase feted for 2014 will not begin to cover the rising costs of nearly everything else.

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