Many people think that reform marks the end of work life, but for Larry and Joyce Gesick this step has become a continuation of work. As reformed ‘obliged’ to workthey had to return to the labor market because Larry’s pension was not enough to cover basic expenses, thus facing a demanding day even after reaching the retirement age.
A couple who face the need
The couple’s situation is passed in the United States. Larry Gesick, 77, currently works to discharge trucks. According to the Spanish news website, news work, its renovation pension was not enough for housing, purchases and monthly accounts. It receives 12.57 euros per hour, which corresponds to an approximate monthly gross salary of 2,068 euros.
The wife, Joyce Gesick, 66, also returned to the work market. It works full time as an administrative, with a salary of 11.93 euros per hour. “This I am living is not a reform, it is having to work every day. I did not stop reforming myself, but because there was no other alternative,” he explained to the same portal.
In the United States, about one in five people over 65 continues to work, approximately 11 million Americans.
This data illustrates that, even outside the case of Larry and Joyce, many reformed faces the need to complement their income with active employment.
The impact of the lack of financial planning
Teresa Ghillarducci, a work economist quoted by the work news, warns that “work has become the new reform. More than half of people who reach the age of retirement are not financially prepared and do not have enough money to live without work.”
According to the expert, decades of poorly planned pension policies have left many citizens without alternatives, making financial education a need early on.
Larry recalls that he grew up on a farm and never taught him the importance of saving. “We have never told us that it would be necessary to save money to make new paths. We always have been more than saving,” he told the same source.
Currently, the couple faces a mortgage, car installments and other debts that total 10,220 euros. Even after paying the bills, they predict that only $ 50 a month, making it evident that if they had postponed the pension request until the age of 70, the performance would have been higher.
Preparing Reform avoids forced returns
For Ghillarducci, those who want to avoid returning to the job market should be carefully planned the ideal moment of renovation, create emergency funds equivalent to 6 to 12 months of expenses while being active and, already renovated, maintain reservations of 1 to 2 years of spending.
Larry and Joyce admit that the lack of initial planning has put them in a difficult situation, but they expect future financial discipline to finally allow them to feel some relief.
According to cases such as this couple illustrate a growing trend of retired retired to work out by necessity. In the United States, this reality warns of the boundaries of pensions and the urgency of greater financial literacy, so that reform does not become a continuation of labor life.
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