NORFOLK, Va. — While retirement seems like a long way off for some of us, it can creep up fast, which raises the question, have you saved?
Experts say the economy has caused some to dip into important savings accounts early just to live, but it's not too late to be disciplined.
Margie Mitchell, a retiree at Prime Plus Senior Center in Norfolk, said the rate of inflation has caused her to hold off.
"I'd love to travel but I haven't traveled as much as I would like to. After working most of your life it's very disappointing that you can't do those things," said Mitchell.
Others at the senior center said some of their spouses even have had to revert back to a day job.
"My husband had to go back to work because I was trying to shop and I was down to a tenth of a cent at Walmart sometimes trying to prepare prices and it was very stressful," she said.
ODU economics professor Bob McNab tells News 3 that two major issues senior citizens are facing now are housing and medical expenses, which can add up with increasing property taxes and medical emergencies.
"One cancer diagnosis, one major health diagnosis, can wipe out years of wealth accumulation not only for seniors for but almost any American," explained McNab.
Data collectors said even younger generations are having to break open the piggy bank early.
According to a U.S. News and World Report, a recent survey of 2,000 people nationally last November found 41% stopped putting money into a retirement fund in 2022 due to the cost-of-living hikes. The results showed 32% withdrew money from a fund just to keep up.
While life is unpredictable, McNab encourages people to create a strategy. For example, remembering to put back what you take out, or allow a transfer of funds to be out of sight out of mind.
Investing in things like stocks and treasury bonds is also recommended. As a word of caution, experts say to maybe steer clear of a gold rush...
"Why? Because people rush to gold in the middle of a crisis, and they rush out of gold when that crisis is perceived to be over. The real returns are in stocks and in real estate," says McNab.
At Prime Plus Senior Center, Mitchell said she helps run an investment club for citizens like herself. She also said she's banking on some extra money in case of a recession.
"We have a broker that comes in in the early part of the meeting and she talks about the current market and what's going on and what's going on with stocks,"
Pretty soon, Mithcell said she'd love to cross off her cross country-bucket list destinations.
"I'd like to start with traveling these 50 united states because we have much right here that would be a great start," she said.
More information about Prime Plus Senior Center's investment club can be found here.
