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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.”

Read more articles by Daniel C. Weber

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99 Comments on "Seniors Going Back To Work to Salvage Their Retirement Nest Eggs, Says AMAC"

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Lucy Mauterer
2 years 9 months ago

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.

Joe
2 years 9 months ago

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.

Michael J. Clark
2 years 9 months ago

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

peter ferretti
2 years 9 months ago

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

peter ferretti
2 years 9 months ago

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.

MaryEtta
2 years 9 months ago

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.

silver rabbit
2 years 9 months ago
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… Read more »
PaulE
2 years 9 months ago

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.

Fred
2 years 9 months ago
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… Read more »
Alfred L. Kreps
2 years 10 months ago
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… Read more »
Charles Allman
2 years 10 months ago

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.

wayno12
2 years 10 months ago

Obama, Reid, and the socialists (‘democrat’s’) LOVE this.
While they suck in huge incomes, they want the rest of the country;
DUMB (ala the ‘school’ system)
POOR
SO POOR you have to work your entire life
SICK – so sick you can’t vote against them
Dead – so they can vote FOR you – like Cook County and Chicago!

Mike Murray
2 years 10 months ago
It amazes me how “out of touch” they are. I got gas in downtown Baltimore yesterday and I first had a lady with tears approach me for money telling me “she hasn’t used in a month and her daughter needs food.” She offered to give me her wedding band when I gave her five dollars. I told her to “just go take care of you daughter” and she left. The sad memory has been stuck in my head ever since. Started pumping gas and two other guys approached me panhandling (at first) and left me alone after learning I had helped the lady out that worked at the CITGO station at 1PM- broad daylight. You can’t even stop for gas as a working American without being surrounded by those that have become accustomed to living on charity. The State Department puts out warnings about visiting Mexican border towns and so… Read more »
David Sole
7 months 25 days ago

Mike, sorry, but I think you fell for a well-known scam. The scammers hang around gas stations and ask for money for gas to get home. I fell for it once myself. Be safe.

Stugee1
2 years 9 months ago

One of the best arguments for concealed carry I’ve heard in a while. When you have only seconds, the police will arrive in minutes.

Richard Marier .
2 years 10 months ago

Wish I could go back to work. Cant because of poor Health. Thanks

Arthur
2 years 10 months ago

The “Robber Barons”, otherwise known as the “Banksters” are alive, well, and continue to thrive as they did 2000 years ago when they were thrown out of the temple. I believe they were called the “money changers” and we were warned of them then by a well known individual. Those who fail to learn from history…………………..

rawheadrex
2 years 10 months ago

Where can we get some straight talk on how to make some decent return on what we have in the bank? We took a huge shot when the bubble burst in 2008, but we have recovered with a huge blessing from God. We do not like the gold and silver enticements we hear daily and we do not understand stocks sufficiently to feel comfortable in that environment, but our CU interest rates are pathetic and we do not feel comfortable with our funds there considering what this administration may do as regards seizing our assets.
Any suggestions?

PaulE
2 years 10 months ago
For the average retiree, keeping all your money in the bank is of course not going to generate any decent return as long as the Federal Reserve continues to hold interest rates at effectively zero. Not to mention that the Fed by printing all this extra money is devaluing the current value of dollars already out there. That policy isn’t likely to change until at least March or June of 2014 under Janet Yellen, as she is even more dovish than Ben Bernanke. Even then, it will be several more years before interest rates on savings return to anything approaching what we were used to before 2009. So keeping all your money in a low interest bank account isn’t going to generate the kind of returns you need to fund a decent standard of living. Eventually, the Federal Reserve will announce the start of tappering, the easing back of the… Read more »
Paul
2 years 10 months ago
I am 55 years old and working (thank God!). I know I will need to work for quite some time yet as I am not able to retire anytime in the near future. For those of you going back to work because of economic necessity, may you be blessed with a job that is good for you in some meaningful way. If any of us “older folks” out there in the work force can ever help one another find work, please go out of your way to do so – because generally the hiring “deck is stacked against us” older folks. So why is there is a “stacked deck?” A primary reason many companies do not want to hire older employees is because they place a very high value on short term profit. Very simply corporations reward their executives for short term profitability. As such, companies will not generally want… Read more »
Rick B.
2 years 10 months ago

I once read a book, The Peter Principle, many years ago — probably not long after it was published. It explained that people are promoted in an organization or profession until they finally reach a position where they are no longer competent, and that is where they remain. Barrack Hussein Obama: Community Organizer; Illinois Senator; U.S. Senator; President of the United States.

You be the judge.

Kevin Seitz
2 years 10 months ago

It’s the plan from the occupants of the Obama Mosque ( formerly known as the White House) to not only completely wreck the nation and the economy, but to kill off all of us who are receiving Social Security benefits (except for the able-bodied freeloaders who faked issues to get undeserved benefits) by forcing us to return to work at jobs that many are not physically able to perform, but must try in hopes of being able to buy food.
But, since the political hacks chose to swindle the Trust Fund’s assets to finance vote-buying programs for the able-bodied freeloaders, Social Security benefits are reduced for those who legitimately qualify, putting many, like myself, into a precarious financial position, so those political hacks can continue to buy the freeloader’s votes to keep from having to get honest jobs themselves.

Mandy
2 years 10 months ago
I read recently that the economic plan is to strip the retiree generation now of their wealth to keep the country functioning. The shift of $716 billion from Medicare to ObamaCare means that retirees will be paying higher healthcare costs due to smaller Medicare reimbursements to doctors. Retirees will be paying larger amounts and higher premiums the rest of their lives. But the worst of what we are paying for now and for the past years is the extremely low to almost non-existent interest rate. This is unbelievable way of stripping away our savings. How ever heard of zero interest rates and near zero. Something wrong for the Fed and our government to expect us to also pay for the mortgage fraud which is what is happening. They are allowing the banks to recoup the bad loans the government forced them to provide and we, the savers are taking the… Read more »
Michael Santarella
2 years 10 months ago

Could somebody tell me that if we are 17 Trillion in debt, why are we giving Billions to oil rich muslims countries that fund obama and his crew?

Pattie
2 years 10 months ago

The last few years I had been working one day every other week for a CPA firm just to get out of the house and for a bit more money. Now, I’m 85 years old and working 3 days each week because I have to work to survive. I come home so tired that I think that I will surely die during the night. I own my own home, so repairs do come up like replacing and rerouting 60 feet of sewer line, replacing old electrical wiring, etc., etc. I always believed that in my old age, I would sit in a rocking knitting for my grandchildren and great grandchildren. What a joke!

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