Retired workers rejoining work force
Many people have had to delay plans to fulfill their retirement dreams.
People who were once retired may be eligible for payday loans once again as more of them go back to work. After seeing their stock market investments and 401ks take big hits last year, some have no choice other than to start bringing in a paycheck again.
Big numbers
In the state of Washington alone, 71 percent of residents who were polled said they were worried about their retirement accounts, according to The Spokesman-Review newspaper. An AARP survey in the same state said 18 percent of retired residents were considering going back to work.
The good news is that people with steady paychecks are more likely to have the option of borrowing payday loans if they need extra cash.
Staying employed longer
Washington residents still in the work force are considering putting retirement off, and 60 percent of the people polled said they will do that if things don’t get better.
Trouble with 401ks
Last year many people stopped putting money into their 401ks. In fact, 25 percent of the workers surveyed in Washington said they had done that, and 14 percent actually paid penalties to pull money out of their retirement accounts.
AARP Advocacy Director Ingrid McDonald says it’s even more important than ever to put money into your retirement savings account. That may work for people who have money to save, but for some people it is too late.
Individual accounts
John Heffman, a 79-year-old Washington resident, is searching for a job right now through the WorkSearch program at AARP. He explains that he lost between $50,000 and $60,000.
Another Washington resident, Mara Greene, had planned to retire at 62. She is 62 now, but instead of retiring from her business running a retail store, she is looking for a job. Her plan was to sell her business and retire on the money she made from the sale, but she hasn’t been able to sell the place. She has been trying to sell it for two years, but with the store shut down and no buyers, she’s seeking a job.
If Heffman and Greene do find jobs, they will have more financial options, like getting payday loans, in case the economy continues to get worse.
This is only going on top of the impending collapse of Social Security. Before you know it , it’s only going to be bank CEO’s who are going to be able to afford retirement, and then the dream will be realized – a nation of working class slaves, making just enough to keep them out of utter poverty, but not enough to be truly free.