A 77 -year -old retiree, Larry Gesick, has had to return to work by downloading trucks because when the retirement pension was charged, it was not enough to pay purchases, housing or invoices. Now charges a salary of 12.57 euros ($ 14.27), which at the end of the month makes a gross monthly salary of approximately 2,068 euros.
His wife, Joyce, has also had to return to work as administrative and has full -time job charging $ 14 (11.93 euros) an hour. In her case, being 66 years old, she wasn’t thinking about retirement, not even in advance because she was well in her job, as she has declared CBS News.
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“What I am living is not a retirement, but having to work every day,” said Joyce. “I have not set aside retirement because I want, but because we had to do it.” In the United States, as this media points out, approximately one in five people over 65 (11 million Americans) continues to work. A fact that could be brought to Spain, where you can see cases like that of a 67 -year -old man who has had to work in the harvest and to which social security now He claims a year of pension.
A labor economist who has participated in the report, Teresa Ghilarducci, explained that today, “work is the new retirement.” “This is the syndrome of working, retiring and repeating, more than half of the people who have reached the retirement age are not economically prepared, they have no money.”
“They have played with the pension system and now the results are seen”
In the United States, for more than 40 years, the controversy with the pension system is alive. “Political leaders have experienced and have been wrong,” says the expert who points out below that “it would be essential to teach financial education so that they know how to save on their own.”
An affirmation that, like her, shares thousands of experts who They defend financial education appropriate at any age. Then Larry explains his story. “I have grown on a farm, nobody told me at that time what would happen next. No one told me that we should save money to open new paths.”
The first thing is to know when is the best time to retire
For Ghilarducci, retirees who do not want to have to return to the labor market should take into account several aspects. The first of them, that many citizens are unaware when it is the best time to go to Social Security and ask for the pension. “Once you are clear, you must keep in mind that a Emergency fund. If you are active, that is, working, this emergency fund must be the equivalent of 6 or 12 months of expenses. When you are retired, the thing changes and the reservation should be the equivalent of 1 or 2 years of expenses. ”
Savings, on the other hand, “must be in a safe account that generates interests.” When he explains to Joyce the situation, he is clear: “We have been more makers than savers.” “I think it was like having a savings account that as something that can be thought of saying that you need to have accumulated money to be able to live.”
Now they have a mortgage, pay the loan of the car and pay some debts that remain pending 10,220 euros (about $ 12,000). “At the time we manage to pay the expenses, only $ 50 will be left, so if it had been expected until 70 years to collect social security, they would be charging more.”
“All this is stressful,” says the retiree who considers that “we can see the light at the end of the tunnel.”