Jobless Boomer Considers Social Security: The Struggle Is Real!

• Meet Andrea, a 64-year-old navigating a pivotal moment after a layoff: Should she jump into the job market or start tapping into Social Security?
• For many older Americans, Social Security is the safety net they depend on in retirement, yet it often falls short of covering essential expenses.
• A staggering 13% of baby boomers on LinkedIn took the plunge to “unretire” in 2023, marking a five-year high.

When Andrea found herself laid off in February, she joined a growing wave of older Americans who suddenly face the challenge of re-entering the workforce.

Having dedicated decades to scaling the corporate ladder within Minnesota’s bustling staffing and recruitment industry, she held leadership roles and enjoyed a six-figure income. Retirement at 67 had always been her goal, but now, uncertainty looms.

With her identity protected for privacy, Andrea is thoughtfully weighing her options. The idea of claiming Social Security benefits earlier than planned is on her mind, but the thought of depleting her savings gives her pause. “I’d have to shift my entire approach to life to avoid touching my retirement savings,” she reflects. “I’d rather work.”

Deciding when to step back from work and start collecting Social Security has become a significant crossroads for many approaching retirement. While Americans can begin receiving benefits as early as 62, waiting until 67 maximizes their monthly checks. Currently, the average monthly Social Security payout is around $1,924.35, a critical lifeline for many baby boomers. However, it’s often insufficient without supplementary savings like a 401(k) or other investments.

Insights from over 1,000 baby boomers reveal a myriad of retirement regrets. Many express regret over taking Social Security too early, while others faced early retirement due to unforeseen circumstances. For late-career individuals like Andrea, an unexpected layoff can abruptly upend even the most carefully crafted financial plans.

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Can Social Security Really Cover Andrea’s Costs?

As Andrea stands at this critical junction, she feels like she’s “walking a tightrope” between retirement and the fear of outliving her savings. Her husband, a retired attorney, brings in a solid income from Social Security and a pension. Still, Andrea estimates her own benefit check would barely scrape over $2,000 a month — a figure she fears won’t stretch far enough.

Between mortgage payments, insurance, car loans, healthcare, and her son’s college tuition, the costs accumulate rapidly. The couple is determined to avoid dipping into their 401(k), Roth IRA, or investments until absolutely necessary.

Doug Ornstein, a wealth management expert, highlights that unforeseen expenses and layoffs often trigger financial anxiety for those eyeing retirement. “Most people’s greatest fear is outliving their savings and losing the ability to maintain their dignity in their golden years,” he explains.

In 2023, about 13% of baby boomers on LinkedIn decided to return to work, a phenomenon referred to as “unretiring,” marking the highest rate in five years. A Federal Reserve report found that 14% of non-retired adults who’ve faced a layoff tap into their retirement savings.

Reflecting on her career path, Andrea wishes she had known that her decision to be a stay-at-home parent while her son was young — and her decade abroad working in the UK — would adversely affect her Social Security benefits, which only account for years spent in the US workforce.

Despite her extensive experience, Andrea struggles with workplace ageism, which poses a significant hurdle in her job search. Landing a new role is vital for her goal of amassing the roughly $5 million she believes she needs for a comfortable retirement.

Her advice for others? Start saving for retirement in your 20s and 30s.

“Once I find a new position, my mission will be to save as much of that income as possible,” Andrea asserts. “I don’t think my financial situation is as secure as it should be.”

Have you had to go back to work after retirement? Would you be willing to share your story with a reporter? If so, please reach out to

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