When we retire, the retirement pension usually becomes our main source of income. But despite this, this may be insufficient to cover basic expenses, especially if we have to help the family. Although not in Spain, many retirees are forced to return to the labor market, especially in countries like the United States or England. This is the case of Carolyne Martin, a 74-year-old widow who dreamed of enjoying a peaceful retirement, but who has had to go back to work to supplement her pension and, at the same time, support her son and grandchildren.. From her home in Milton Keynes, England, Carolyne spends her days searching for part-time jobs, an endeavor she calls “necessary to stay afloat”.

As he recounted in an interview with the media The SunCarolyne Martin receives a retirement pension of 211 pounds per week, which is equivalent to about 914 pounds per month (the exchange rate is about 1,101.97 euros). This amount, although sufficient to cover your most basic expenses, is insufficient if you also have to support your family and pay the bills. Due to this situation, he has had to start looking for part-time work in the sales and accounting sectors, areas in which he has experience. “I am constantly looking for work because the pension is not enough for everything.”, he confessed.

The retirement pension is not enough to cover basic expenses

Throughout her working life, Carolyne worked in credit control, customer service and sales at kitchen stores, as well as helping in a family business she shared with her late husband. Although she always lived frugally, her husband’s death in 2011 marked a turning point. “We had planned to retire together, sell our house and use some of the money to supplement our pensions, but plans suddenly changed”, he relates.

After the loss of her husband and her housing expenses were no longer shared between the two, Carolyne was forced to sell her house and, later, move into a rental. Now, He shares his home with his son Darryl, 48.and his teenage grandchildren. “We help each other with expenses, but even then the income does not cover everything,” he explained.

He house rent amounts to 1,500 pounds monthly (about 1,808 euros at the exchange rate), to which we must add other expenses such as the electricity bill, gas or the shopping basket. Carolyne estimates that, after sharing expenses with her son, she still faces a monthly deficit of around £300 (approximately €360). “I have no choice but to work. At this age it’s not easy, but it’s what we have to do.”, he lamented.

More and more retirees must return to the labor market

This retiree’s situation is not unique, and it is increasingly common to see retirees who must return to the labor market. Although this problem is not so common in Spain, Yes, it occurs in countries like England or the United States.. As the saying goes, “when the United States sneezes, Spain catches a cold,” although it is true that the Spanish pension system, consolidated in recent years, offers greater protection compared to that of other countries, as evidenced by the latest reforms applied that guarantee the purchasing power of pensions and a greater revaluation for the most vulnerable pensions.

In Carolyne’s case, they face a spiral of rising prices due to inflation and rising basic costs. “Prices have risen so much that, even with a pension, you cannot live”, he stated. His experience adds to that of thousands of retirees who have had to adapt to this new reality. Some even refer to themselves as “employees of the seventies”, a term that reflects this difficult stage.

Despite the difficulties, Carolyne maintains a practical attitude and reflects on the importance of teaching young people to plan their financial future. “It is essential to learn to save and manage money early. I didn’t think I would need so much money to support myself and my family, but it’s reality”, he commented.

For this retiree, work is not only an economic necessity, but also a way to stay active. “It’s exhausting, but it helps me not feel alone or worthless. I work because I have to, but also because it gives me some hope” and ends by saying “I can’t afford to stop working now, but I’m doing everything I can to offer something better for my children and grandchildren.”