Retired Nurse Returns to Work Due to Rising Costs Amidst Social Security Discontent

Rising costs have prompted retired nurse Joyce Fleming to return to work, joining a growing number of seniors who plan to seek employment this year due in part to dissatisfaction with the modest cost-of-living bump they’re receiving from Social Security. While many Americans will receive two payments this month instead of their typical single payment, this isn’t actually extra money; it’s an early payment for next month that results from a quirk in the system because June 1 falls on a Saturday. This occurrence is also scheduled to happen twice more this year, in August and November. However, retirees have reported struggling financially as high inflation continues to erode their purchasing power despite receiving a modest cost-of-living bump of 3.2% this year (compared with last year’s higher increase). Nearly three out of five seniors surveyed said they are dissatisfied with the small payment hike, and many cited concerns over rising utility, insurance, heating, and food costs as contributing factors to their financial struggles. The annual Social Security change is calculated based on data from July, August, and September using a specific index called CPI-W for Urban Wage Earners and Clerical Workers. While more than 66 million Americans are collecting social security benefits this year, many seniors say they still feel the pinch of high inflation as everyday necessities like food, rent, and medical care continue to cost them uncomfortably large sums.