I Was Retired, but Wasted Big Money On These 3 Things and Had To Go Back To Work


Halfpoint / Getty Images

Halfpoint / Getty Images

We spend the majority of our lives saving for retirement. But our plans (and budget) don’t always go as expected.

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More than four million Americans will turn 65 this year — the age associated with retirement — yet many of them will be working, The Wall Street Journal reported. About one-third of adults 65 to 69 have jobs, according to a Federal Reserve Bank of Minneapolis report. A recent ResumeBuilder.com survey also revealed that one in eight people who are retired plan to go back to work in 2024, thanks to high costs, inflation, insufficient savings and boredom.

And many retirees have regrets, too, about how they’ve spent their money. Here are three things retirees said they wasted money on and had to go back to work.

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Supporting Adult Children

More and more baby boomers are supporting their millennial and Gen Z children well into adulthood but it’s costing them their retirement.

Mark Lacy, a Seattle-based 65-year-old, has been financially supporting his two sons since they graduated from high school, resulting in a $400,000 loss in his retirement funds, he explained to Fortune. Both of his children are in their thirties, with expenses ranging from college tuition to plane tickets.

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Maintaining a Larger Home

Gregory Boulware was a truck driver for 30 years before he retired in 2008 but went back to work in 2020 after he and his wife bought a house, NBC News reported.

“When we lived in an apartment, we were doing fine because we could easily afford it, but every year the rent would go up,” Boulware said.

The couple purchased their home with their life’s savings, which led them to fear of losing the house. Every mortgage payment was a challenge, and they sometimes pulled from other expenses such as food and gas to make ends meet. As a result, Boulware enrolled in a job training program for low-income adults and was hired into a clerical job.

Not Having Enough Money Set Aside

Joyce Fleming, a 70-year-old nurse who retired in 2019, went back to work over budget concerns. The costs of groceries, housing, owning a car and insurance skyrocketed over the past several years and many retirees never accounted for the dramatic cost of living increases.

After caring for her grandchildren during the pandemic, Fleming told WSJ that she took a job handling ticket sales and complaints at an amusement park call center. Now she looking for a higher-paying nursing job closer to home to help cover travel and home improvement costs.

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This article originally appeared on GOBankingRates.com: I Was Retired, but Wasted Big Money On These 3 Things and Had To Go Back To Work



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