Retirement Ruined? Soaring living costs force Aussie seniors back to work
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It’s a heart-wrenching story we are all becoming too familiar with. Australians, hitting the supposed golden years of their life—the retirement phase, are being compelled to shelve their hard-earned leisure and return to the grindstone. Necessity, they say, is the mother of invention, and in this case, it's the cost of living crisis that's the stern matriarch pushing retired Aussies back into the laborious workforce.
Dolly Parton once crooned about the struggle of working from 'nine to five', but fast forward to 2023, the predicament has become vastly graver than the whimsy of a song. Australians are struggling to make ends meet from their regular nine-to-fives, a condition that a report by Finder has highlighted. It found that a staggering 24% of Aussies are either clocking in extra hours at work or coming out of retirement, all in an attempt to keep the wolf of inflation at bay.
With inflation shooting up to 7 per cent in Australia, the chilling RBA cash rate at 4.1 per cent, and a brutal rental crisis churning the mix, it's become a slight relief to spend more and save less for some lucky few. However, for the majority, more dramatic measures have to be taken to keep from drowning in these tumultuous economic waters.
Gemma Bates-Smith, 32, a teacher’s aide and a Queensland mum of two, narrates a tale that strikes an all too familiar chord for many. Despite what she considers a 'good' wage in her current profession and her husband's full-time job, the spiralling cost of living has compelled her to slip into a part-time role at food delivery service, DoorDash, to keep her family afloat.
'A year ago, my income combined with my husband’s was more than enough. Now, we can’t survive on that alone,' she candidly revealed to news.com.au, highlighting how their once stable financial status had reduced to living week by week.
The Bates-Smith family isn't alone in turning to DoorDash to alleviate financial strains, with a reported 29 per cent of the service's workforce taking up such 'side hustles'.
To add salt to the wound, the cost of living certainly hasn't spared our valued retirees either—it's nudging them out of the comfort of their twilight years and shoehorning them back into the workforce.
Case in point, pensioners Peter Negro, 74, and Glenice Negro, 73, had once relished travelling across Australia in their caravan, broadening their horizons while living the dream. But as the ugly head of inflation reared, their grey nomad dream quickly evaporated into a bitter reality check. From power bills to the humble grocery run, every essential seemed like an uphill battle, pushing the couple to consider selling their beloved caravan and giving up on their retirement aspirations.
Instead of surrendering, the resilient pair snagged delivery driver roles at DoorDash, rolling up their sleeves in their 70s to work three or four days a week.
For them, it wasn't just about saving their caravan; it became a fight to maintain their basic living standards. Succinctly illustrating the crisis, they said, 'We are in our seventies, and there are still plenty more adventures waiting for us.'
Even in the face of their predicament, they expressed gratitude for being healthy enough to return to the workforce.
'Despite our circumstances, we feel very fortunate that we're able to go back to work at our age so we can continue to do what we love, even if we cannot get away as much as we used to,' they added.
Remember, during these challenging times, it’s important to learn from each other, explore all available resources, and remain vigilant and mindful. We must do our best to navigate these choppy economic waters with tenacity and resolve! After all, retirement should be full of adventures, not adversities.
Members, we now want to hear from you. Have you had to go back to work due to the current economic climate? Or maybe you can’t go back to work and have had to find another way to make things work. Tell us all about it in the comments section below.
Dolly Parton once crooned about the struggle of working from 'nine to five', but fast forward to 2023, the predicament has become vastly graver than the whimsy of a song. Australians are struggling to make ends meet from their regular nine-to-fives, a condition that a report by Finder has highlighted. It found that a staggering 24% of Aussies are either clocking in extra hours at work or coming out of retirement, all in an attempt to keep the wolf of inflation at bay.
Has your retirement been ruined? Image source: Shutterstock.
With inflation shooting up to 7 per cent in Australia, the chilling RBA cash rate at 4.1 per cent, and a brutal rental crisis churning the mix, it's become a slight relief to spend more and save less for some lucky few. However, for the majority, more dramatic measures have to be taken to keep from drowning in these tumultuous economic waters.
Gemma Bates-Smith, 32, a teacher’s aide and a Queensland mum of two, narrates a tale that strikes an all too familiar chord for many. Despite what she considers a 'good' wage in her current profession and her husband's full-time job, the spiralling cost of living has compelled her to slip into a part-time role at food delivery service, DoorDash, to keep her family afloat.
'A year ago, my income combined with my husband’s was more than enough. Now, we can’t survive on that alone,' she candidly revealed to news.com.au, highlighting how their once stable financial status had reduced to living week by week.
The Bates-Smith family isn't alone in turning to DoorDash to alleviate financial strains, with a reported 29 per cent of the service's workforce taking up such 'side hustles'.
To add salt to the wound, the cost of living certainly hasn't spared our valued retirees either—it's nudging them out of the comfort of their twilight years and shoehorning them back into the workforce.
Case in point, pensioners Peter Negro, 74, and Glenice Negro, 73, had once relished travelling across Australia in their caravan, broadening their horizons while living the dream. But as the ugly head of inflation reared, their grey nomad dream quickly evaporated into a bitter reality check. From power bills to the humble grocery run, every essential seemed like an uphill battle, pushing the couple to consider selling their beloved caravan and giving up on their retirement aspirations.
Instead of surrendering, the resilient pair snagged delivery driver roles at DoorDash, rolling up their sleeves in their 70s to work three or four days a week.
For them, it wasn't just about saving their caravan; it became a fight to maintain their basic living standards. Succinctly illustrating the crisis, they said, 'We are in our seventies, and there are still plenty more adventures waiting for us.'
Even in the face of their predicament, they expressed gratitude for being healthy enough to return to the workforce.
'Despite our circumstances, we feel very fortunate that we're able to go back to work at our age so we can continue to do what we love, even if we cannot get away as much as we used to,' they added.
Remember, during these challenging times, it’s important to learn from each other, explore all available resources, and remain vigilant and mindful. We must do our best to navigate these choppy economic waters with tenacity and resolve! After all, retirement should be full of adventures, not adversities.
Members, we now want to hear from you. Have you had to go back to work due to the current economic climate? Or maybe you can’t go back to work and have had to find another way to make things work. Tell us all about it in the comments section below.
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