BAKERSFIELD, Calif. (KERO) — For many Americans, retirement is supposed to be the reward after decades of work. But a growing number of older adults are finding that retirement isn't always financially sustainable.
At Real Care Assisted Living in Bakersfield, residents Pamela Bedolla and Jerry Sellers say retirement didn't look the way they thought it would.
"I was surprised about the cost, I mean, yes, the cost is up there. You're just not prepared for it," Bedolla said.
Bedolla says that as a single mother, she never had much time to plan for retirement. Sellers says health problems forced him to stop working earlier than he wanted, and that he didn't have time to save enough.
"You got to at least put probably a couple hundred a month in savings, otherwise you're going to be in a lot of trouble," Sellers said.
Their experiences reflect a broader trend. A recent survey from AARP found that about 7% of retirees have returned to the workforce in just the past six months.
Local economist Aaron Hegde says rising costs for housing, healthcare, and daily necessities are putting pressure on retirement savings.
"Maybe, depending on what savings you had in the market, maybe it's not enough," Hegde said.
According to Hegde, less than 40% of people ages 50 to 65 are financially prepared for retirement.
Justina Howell, marketing director at Real Care Assisted Living, believes it's not that people aren't saving for retirement, but that they're not realizing how much they need to save.
"So they may have a little bit saved up, and they're like 'well I have this set amount,' but they don't realize it's probably three times that amount depending on the level of care that they need," Howell said.
Hegde says that as Americans live longer, savings need to last longer, making early financial planning even more important.
"It doesn't matter how old you are. When you start saving for retirement, then you don't have to wait until you die basically to keep working," Hegde said.
Bedolla's advice is simple.
"Just save what you can now," Bedolla said.
Hegde says a key concern is that many retirees who want to return to the workforce are struggling to find work, which only highlights ongoing concerns about financial preparedness for retirement.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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