Why This Early Retired Baby Boomer Came Back to the Workforce!

• Meet Misty Miller, 65, who wishes she had never retired early, believing she was financially secure.
• After facing loneliness and unexpected financial hurdles, she made the bold decision to return to the workforce.
• This tale is part of a compelling series exploring the regrets of older Americans.

Misty Miller filed for retirement seven years ago with over $500,000 in savings. Just a week later, she was back asking for her job again.

At 65, Miller transitioned from a legal secretary to a staff services manager for the California Housing Finance Agency, all while diligently paying off her mortgage and maxing out her 401(k). By her late 50s, she figured she could retire early with her monthly pension of over $3,000.

But Misty quickly discovered that retirement was “the biggest mistake” she ever made. Overspending took a toll, and she missed the social connections and sense of purpose her job provided. The office became a lifeline, so she returned shortly after.

“I’m terrified that a few years into retirement, I’ll be broke again, and what if I live to 100?” she shared. “Having lived through the inflation of the 1970s, the fear is real.”

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Miller is among over 3,800 older Americans aged 48 to 96 who have opened up about their life regrets. Common themes include not saving enough for retirement, taking Social Security too early, and lacking preparation for unexpected medical issues.

Living Simply and Working Hard

Miller grew up in an upper-middle-class household, where her father ran a law practice. Although her parents envisioned her as a CPA, she pursued her passion for writing with a degree in English. Following college, she lived paycheck to paycheck for years, juggling part-time jobs and student loans, which she repaid by 28.

After years of hard work as a legal secretary and claims-litigation paralegal, Miller sought the job stability of the public sector. She thrived at the California Housing Finance Agency, earning three promotions along the way.

While working, she was diligent about saving for retirement. After embracing a frugal lifestyle, she was able to purchase a Sacramento home for $93,500 in 1990, selling it 28 years later for about $350,000. Eager to invest further, she also joined the stock market in the 1990s—something she now wishes she’d done sooner.

By 2017, Miller had amassed over $500,000 in her retirement accounts. “I thought I was rich and could retire,” she recalled, convinced that monthly withdrawals from her 401(k) would sustain her.

However, she admitted that her focus on financial security led her to miss significant family moments. She regretted not spending more time with loved ones, especially her nieces and nephews, whom she barely knew.

‘House Rich and Cash Poor’

When Miller retired at 58, she believed she had it all worked out—financially and emotionally. Even though she lived simply, driving an ancient car and packing her lunch, she soon fell into a spending trap. Two months post-retirement, her spending spiraled, particularly in real estate.

She withdrew a chunk of her 401(k) for a $110,000 down payment on a $515,000 beach house, incurring $90,000 in taxes on that withdrawal. While she sold her Sacramento home, she found herself unhappy in the coastal property, eventually selling it for $720,000.

“I’m house rich and cash poor,” Miller lamented, explaining her decision to go back to work. “I never consulted a financial advisor for a long-term plan, and my dreams didn’t materialize.”

Returning to Work

Miller started at a local newspaper, earning a mere $19 an hour. As she sought other jobs, age discrimination reared its ugly head.

“It’s tough to secure a job in your 60s,” she admitted. “I tried to project youthfulness.”

By 2019, she landed a role at the California Department of Consumer Affairs and later moved to the Secretary of State’s office. Currently, she’s a staff services manager at the California Department of Financial Protection and Innovation.

Now, Miller has about $450,000 saved. With the stability of a job, she’s focusing on her Roth 401(k) and investing in an S&P index fund—this time with a long-term vision. She also aspires to reconnect with family and cherish friendships.

“I’m back to saving,” she declared with determination. “I plan to never retire again. It was a massive mistake to assume I was rich and spend recklessly.”