A grandmother finds a way to support her family despite living on a modest Social Security income

Retirement Expectations

Pamela Shields is unsure when she will be able to fully retire. She did not expect her retirement expenses to be so high and did not save enough money to offset the unexpected costs of medical care, her divorces, and parenting.

American Retirement Crisis

Shields’ experience underscores a larger American retirement crisis. Many baby boomers rely on their monthly Social Security checks to get by, but it’s not enough to cover essentials. One in five adults 50 and over surveyed by AARP and the University of Chicago’s NORC research firm said they didn’t have retirement savings.

Return to Work

Some older Americans have returned to work due to financial woes in their golden years. LinkedIn’s Economic Graph team found that about 13% of baby boomers on the platform returned to the workforce, or unretired, in 2023, a five-year high.

A Baby Boomer’s Struggle to Make Ends Meet on a $1,470 Monthly Social Security Check

Pamela Shields, a 67-year-old baby boomer, is living on a meager $1,470 monthly Social Security check, which she uses to support her children and grandchildren. Despite this, Shields has had to return to work part-time jobs to supplement her income.

The Struggle is Real

Shields’ experience is not unique. Many older Americans, including baby boomers, struggle to make ends meet on their monthly Social Security checks. In fact, an analysis found that about 13% of retired baby boomers on LinkedIn returned to work in 2023, a five-year high.

The Financial Burden

Shields’ financial struggles are compounded by the rising cost of living, including housing costs, utility payments, and cellphone bills. She also has to chip in for her grandson’s marching-band fees and help with one of her children’s grocery bills when she’s able.

Unretirement is a Reality

Shields unretired when she realized that her monthly Social Security payments wouldn’t be enough to support herself and her family. Medical bills and delays in receiving her disability payments also led her to drain her 401(k).

The American Retirement Crisis

Shields’ experience underscores the larger American retirement crisis, with many baby boomers relying on their monthly Social Security checks to get by. In fact, one in five adults 50 and over surveyed by AARP and the University of Chicago’s NORC research firm said they didn’t have any retirement savings.

The Consequences

With financial woes in their golden years, some older Americans have returned to work. LinkedIn’s Economic Graph team found that about 13% of baby boomers on the platform returned to the workforce, or unretired, in 2023, a five-year high.

Shields’ Advice

Shields advises others to learn about finances early in life and give their children a strong financial education. She also emphasizes the importance of having some retirement savings, but acknowledges that unexpected expenses can derail even the best-laid plans.

Conclusion

Pamela Shields’ story is a poignant reminder of the struggles many older Americans face when it comes to making ends meet on their monthly Social Security checks. Her experience highlights the need for greater financial literacy and planning among baby boomers and other age groups, as well as the importance of having some retirement savings in place.

Pamela Shields, a 67-year-old woman, has returned to work part-time jobs to supplement her Social Security income. She lives on a monthly income of $1,470 from Social Security.

Background

Shields’ decision to return to work was prompted by the realization that her monthly Social Security payments were not enough to support herself and her family. Medical bills and delays in receiving her disability payments also led her to drain her 401(k).

Current Situation

Shields works two part-time jobs, including a shift at a grocery store where she sometimes has to sit down due to foot pain. Her monthly income from Social Security is not enough to cover all of her expenses, including housing costs, utility payments, and cellphone bills.

Family Support

Shields provides financial support to her children and grandchildren, despite being a single mom for over a decade. One of her daughters lives with her due to health issues, and Shields also helps with her grandson’s marching-band fees and one of her child’s grocery bills when she can.

Shields is unsure when she will be able to fully retire. She did not expect her retirement expenses to be so high and did not save enough money to offset the unexpected costs of medical care, her divorces, and parenting.