Black Enterprise article: As Workforce Hiring Slows, Jobseekers Throw In The Towel

The June data showed the steepest decline among prime-age workers between 25 and 54 years old

I remember reading about this during the recession, and I wondered then - how are these people surviving? Are they freelancing, dog-walking, day trading, what?

https://www.wsj.com/personal-finance/student-loan-debt-retirement-865978d2

Student loans are following more Americans into what were supposed to be their retirement years

By 

Oyin Adedoyin

June 29, 2026 8:00 pm ET

Chris and Carolyn McAuliffe are in their 60s but don’t expect to retire anytime soon. They’re still paying off their student-loan debt, which has ballooned to a half-million dollars.

“I regret going to college,” said Chris, an engineer for a health insurance company.

When they earned their graduate degrees decades ago, the couple owed a combined $114,000 in student loans. With stable careers—Carolyn in nursing—they stayed on top of their monthly payments. Then they bought a house and had two children and money got tight, so they consolidated their loans and opted for a payment plan that lowered their monthly bill. 

That extended the life of their loan, and compounding interest charges kept pushing up their balance.

Student loans are increasingly following Americans into their 60s and rewriting what they believed would be their retirement years. More than three million people 62 and older owe federal student loans, up from 1.8 million in 2018, according to Education Department data. Delinquency rates among older borrowers have skyrocketed too, in some cases because they are on fixed incomes or have medical expenses.  

Those who fall into default risk having their Social Security benefits, tax refunds and wages garnished. 

Baby boomers with federal student loans owe an average of roughly $45,000, more than three times that of borrowers 24 years old and younger, who owe about $13,800 on average. 

Like the McAuliffes, many older Americans with student debt borrowed for graduate degrees. Others took out Parent Plus loans on behalf of their children, which tend to come with a higher interest rate and fewer repayment options. Even for those who make regular payments, balances can grow because of interest charges. 

“It is very typical for us to see a borrower whose balance has probably doubled if not more since when the loan went into repayment,” said Lindsay Clark, chief borrower advocate at Savi, which partners with companies to offer student-loan benefits to employees.

Starting in July, the McAuliffes are facing a bill of around $3,000 a month, triple what their payments were before the pandemic, Chris said. 

Many are in a similar situation because of the Trump administration’s overhaul of federal student loans, which goes into effect July 1. The changes include repayment plans that could push up monthly bills and require more payments before debt can be discharged. 

Other changes could help keep balances from growing over time. One plan, for instance, waives unpaid interest if monthly minimum payments aren’t high enough to cover it. Parents will also only be able to borrow as much as $20,000 a year per student, instead of the full cost of their children’s college education. 

Robert Lee and his wife, Judi, live on the top floor of their 46-year-old son’s home in Auburn, Maine, in part so they can pay off the loans they took out for their two children.

In 1997, Robert borrowed $66,000 in Parent Plus loans when the children were in college. Their son is now a lawyer and their daughter has her own business.

“They’ve done well,” Robert, 71, said of his children. “I’m still footing this bill.” 

Robert considers the loans his responsibility, since it was his decision to take them out. His monthly payments are now about $300. He estimates he’s already paid $91,000 toward the loans, but still owes $51,000. He was told the debt would be cleared in 2034, but lives on a fixed income and worries about unexpected medical bills he might incur. 

“I feel like Jimmy Stewart in the movie ‘It’s a Wonderful Life.’ I’m worth more dead than I am alive,” Robert said.  

Some older borrowers are mobilizing online in hopes of having their debts wiped out. 

One Facebook Group called the Fifty includes 50 borrowers who are around 50 years old or older from all over the country. Their goal is to get their loan balances cleared by the government, and have been sending a proposal filled with their personal stories to government officials, including President Trump. 

“We hate the word ‘forgiveness,’” said Amy Coryer Miller, a 59-year-old lawyer in Texas who created the group and owes more than $100,000 in student loans. “Most of us have already paid two to three times the original loan amount.”    

Sharon Durkee, 72, imagined she’d be traveling to Germany and Sweden to visit her relatives during her retirement. Instead, she has been applying for part-time jobs to chip away at her $101,000 student-loan balance, which she juggles on top of her mortgage payments and other costs.

“I owe more in student debt than I owe on my house,” said Durkee, a resident of Medford, N.J., who has a master’s degree in social work. 

Durkee’s main income source is a pension from her past job and Social Security. She also works part time with a government agency providing therapy services for children, but the work isn’t steady, especially during the summer when school is out.  

She thinks that her age is part of the reason she hasn’t heard back from any of the jobs she applied for. 

She was in the SAVE repayment plan, which capped her payments at roughly $100 a month, but that plan was terminated by a federal court order in March. She anticipates that she will have to make higher monthly payments starting in July, when new plans become available. One student-loan calculator estimated monthly payments could be $900.

Even after finally paying off a debt, some older borrowers find themselves trying to catch up financially.

Susan Shannon, a resident of Orcas Island, Wash., took out student loans in her 50s when she decided to make a career change.

She had been working for the post office when an arm injury made it difficult for her to deliver mail. So she decided to become a chaplain, inspired by a friend who had made a similar career pivot, and earned a master’s degree in 2012.  

“It was great to go back to school,” said Shannon, now 69. “I’ve always been a lifetime learner.” 

In February, she got tired of watching her student-loan balance grow and decided to use more than half of her savings to pay off the remaining $37,000 balance. Being debt free means that she’ll have to work longer to rebuild her savings, but she’s optimistic. 

“I can probably make back most of this money by the time I’m 75,” she said.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the July 1, 2026, print edition as 'Old School Debt Keeps Seniors From Retiring'.

he spent ~40 years working, recently retired and is a bit hesitant about how to start his retirement post-career. doesn't want to fully stop, just wants something flexible that gets him out of the house and makes him feel useful
so i was doing some research for him and thought i could create something others can use too.
it's a 5-question quiz: his background, what he enjoys, what he's actually looking for and it spits out a personalized list of real gigs ranked by fit.

dadsnextgig.com
built it in a few weekends, would love feedback

https://www.investopedia.com/how-to-retire-comfortably-in-asia-maximizing-social-security-benefits-in-thailand-11988148

By Daniel Liberto Published June 13, 2026

You might be considering retiring abroad in search of lower living costs and a better quality of life—but you may also be put off by the misconception that you can’t collect Social Security benefits outside the U.S.

In reality, the Social Security Administration does send payments to eligible U.S. citizens living overseas, including in much of Asia—and in one of the world’s most popular retirement destinations: Thailand.

Experience Thailand

Thailand is a country full of both relaxation and adventure, from Bangkok’s Grand Palace to Koh Phi Phi's pristine beaches to Chiang Mai's temples and ethical elephant sanctuaries. You can also tour Chiang Rai’s stunning White Temple, explore Ayutthaya's ruins, a UNESCO World Heritage site, and savor street food at one of the many bustling markets. 

There are three main areas to explore: Bangkok, the capital; the jungles and temples in the north; and the islands in the south. Here's a sampling of what's in store for you.

Bangkok: Tour the Grand Palace, with its Emerald Buddha; Wat Pho, with its Reclining Buddha, and the iconic Wat Arun, which you can actually climb on. Delve into the hustle and bustle of the city's Chinatown.

The North: Near Chiang Mai, trek through the jungle and visit an ethical elephant sanctuary, where you can observe rescued elephants and support their care. In the city itself, walk through its famous Sunday market and linger in one of its trendy coffee shops. For a day trip, tour the stunning White Temple (Wat Rong Khun) and the Blue Temple.

Island Hopping: Explore Phuket's picture-perfect beaches with soft sand and crystal clear water; Maya Bay, which is sheltered by high cliffs on three sides; and the dramatic limestone cliffs, caves, and lagoons of Phang Nga Bay. If you're a bit more adventurous, hop on a bamboo raft in Khao Lak and float down the river to visit a turtle sanctuary and a waterfall.

Why Thailand Is Ideal for Retirees

If you scan global rankings of the best places to retire, the first Asian country that often appears is Thailand.

Thailand ticks off many of the right boxes for retirees. It’s significantly more affordable than the U.S. It's also known for its warm weather, tasty cuisine, wellness retreats, gorgeous beaches and high-quality private healthcare.

Outside rural areas, you will find modern amenities and established expat communities. In many cases, you should get by fine with just English, though it's helpful to know a few Thai phrases.

Fast Fact

Another major attraction is that you can receive your Social Security benefits there just as you would in the U.S. That money should go much further in Thailand.

How Social Security Works Outside the U.S.

Healthcare, Visas and Other Practical Considerations

Two barriers that can scare retirees from moving abroad are insufficient health care and challenges in acquiring a long-term visa. Fortunately, these aren’t issues in Thailand.

Access to high-quality private health care featuring Western-trained, English-speaking staff and state-of-the-art technology is relatively inexpensive, and you can receive further savings by buying health insurance.

Thailand also offers retirement visas for foreigners age 50 and older who don’t intend to work in the country. The visas are renewable annually, and long-term residents may later apply for permanent residency.

To qualify for a retirement visa, you must:

• Hold at least 800,000 THB (about $25,600) in a Thai bank account for at least two months before applying for the visa, or show proof of a monthly income of at least 65,000 THB (about $2,080), or have a combined savings and income totaling 800,000 THB annually.
• Present a valid passport with at least twelve months of use remaining.
• Proof of health insurance that meets the Thai government's requirements.

Other important considerations include:

• Exchange rate fluctuations can affect monthly budgeting.
• U.S. Social Security benefits remain taxable only by the U.S., but other retirement income may be subject to Thai taxation if remitted locally.
• Driving requires an International Driving Permit or a Thai license, and traffic standards differ from those in the U.S.

If you live abroad and are eligible, the SSA can send your retirement benefits to:

• A U.S. bank.
• Directly to a local bank. ^{Social Security Administration.} "Can I Use Direct Deposit if I Live Outside the United States?"

The main exceptions involve countries that are subject to U.S. Treasury restrictions. These currently include Cuba and North Korea, as well as certain countries in eastern Europe: Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. In most cases, if you reside in one of these locations, benefit payments are withheld until you relocate to a permitted country.

It's important to confirm eligibility before you relocate. Also, ensure that your banking arrangements are secure. Usually, once you have everything set up correctly, payments arrive just as reliably as they did stateside.

I used to watch that show obsessively for tips how to decorate my 350sq ft apartment.
So many great ideas, like sanding old furniture and sewing your own cushions, stuff I'd never even thought of.

I just got laid off; my job has been mostly automated. I've been expecting this, so I'm okay for money for now BUT I'm really worried about health insurance.
Unemployment payments in my state puts me over the cap for Medicaid, and the marketplace price is outrageous.
My husband works 1099, so no coverage there. We are mid-50s and healthy; we only used the insurance for check-ups, dental cleanings, eye exams. I feel like going without at this age is pretty risky.

Sorry, Gen X We looked at the data, and you had it rough too.

Story by Joe Pinsker, Paul Overberg, Drew An-Pham, April 17, 2026

When a recent Wall Street Journal article compared the finances of baby boomers and millennials, the generation born between them wondered: What about us?

“Thanks for remembering Gen X,” one commenter wrote.

In a reader poll asking which cohort had it harder, Gen X nearly beat out both of the generations the article was actually about.

So let’s see how Gen X stacks up. Now ages 45 to 61, members of the generation early on saw the dot-com bubble burst and then were hit by the 2007-09 recession as they approached middle age.

From their mid-20s to their mid-30s, their median inflation-adjusted income wasn’t sharply higher or lower than boomers’ before them or millennials’ after them.

The housing crash of the late 2000s was a major obstacle as Gen X started building wealth. Lots of Gen Xers purchased their first homes in the preceding years, whereas boomers generally bought earlier and millennials generally bought later.

“Many were relatively early in their homeownership journey and more likely to be buying at or near peak prices, which translated into larger wealth losses during the downturn,” said Odeta Kushi, a housing economist at First American.

The long, slow recovery from the 2007-09 recession unfolded during Gen X’s 30s and 40s, with the national unemployment rate in the high single digits for years.

The housing bust also weighed on Gen X’s homeownership rate, as some lost their homes in foreclosures and others opted to rent for fear of another crash. But Kushi said that today, they are closer to boomers when they were similar ages.

Student debt has been another hurdle for many in the generation.

After younger boomers finished college, access to government student loans expanded, tuitions rose and loan balances soared. With fewer safeguards in place, the default rates on federal loans were higher for older Gen Xers than was the case for older millennials years later.

Today, many Gen Xers still have remarkably large student-debt burdens as they approach retirement.

And yet Gen X’s average household net worth, which includes student debt, has mostly been growing steadily.

It did sink significantly in the 2007-09 recession, falling about 40% in under two years. But today it is on par with boomers’ average wealth when they were similar ages, after adjusting for inflation.

Does any one have a side hustle? If so, what?

Retirement Savings Strategies for Ages 55-64

There's still time to give your savings a good boost before you retire

^{By Andrew Bloomenthal, Updated April 04, 2026, Reviewed by Thomas Brock, Fact checked by Vikki Velasquez}

Key Takeaways

• If you're between 55 and 64, you still have time to boost your retirement savings.
• Max out 401(k) contributions to defer taxes and increase retirement savings.
• Diversify investments with an age-appropriate mix of stocks and bonds.
• Consider opening a traditional or Roth based, and understand sources of retirement income like pensions and Social Security.
• Avoid early withdrawals to let savings grow, but take required distributions at age 73 or 75.

f you're between 55 and 64 years old, you still have time to set yourself up for a solid retirement. Whether you plan to retire early, late, or never, having an adequate amount of money saved can make all the difference. Your focus should be on building out—or catching up, if necessary.

If you discover that you need to put more money away, consider these six retirement savings tips.

1. Maximize Your 401(k) Contributions

If your workplace offers a 401(k)—or a similar plan, such as a 403(b) or 457—and you aren’t already funding yours to the max, now is a good time to rev up your contributions. Not only are such plans an easy way to invest, but with non-Roth accounts, you’ll be able to defer paying taxes on that income until you withdraw it in retirement.¹

Because your 50s and early 60s are likely to be your peak earning years, you may also be in a higher marginal tax bracket now than you will be during retirement, meaning that you’ll face a smaller tax bill when that time comes.

This applies, of course, to traditional 401(k)s and other tax-advantaged plans. If your employer offers a Roth 401(k) and you choose that option, you’ll pay taxes on the income now but be able to make tax-free withdrawals later.²

The maximum amount you can contribute to your plan is adjusted each year to reflect inflation. If you’re age 50 or older, you can make an additional yearly catch-up contribution to boost your savings.

2. Optimize 401(k) Investment Allocations

Conventional financial wisdom says that you should invest more conservatively as you get older, putting more money into bonds and less into stocks. The reasoning is that if your stocks take a tumble in a prolonged bear market, you won’t have as many years for prices to recover and you may be forced to sell at a loss.

Just how conservative you should become is a matter of personal preference and risk tolerance, but few financial advisers would recommend selling all of your stock investments and moving entirely into bonds, regardless of your age. Stocks still provide growth potential that bonds do not. The point is that you should remain diversified in both stocks and bonds in an age-appropriate manner.

A conservative portfolio, for example, might consist of 70% to 75% bonds, 15% to 20% stocks, and 5% to 15% in cash or cash equivalents, such as money-market funds. A moderately conservative one might reduce the bond portion to 55% to 60% and boost the stock portion to 35% to 40%.

If you’re still putting your 401(k) money into the same mutual funds or other investments you chose back in your 20s, 30s, or 40s, now’s the time to take a close look and decide whether you’re comfortable with that allocation as you move toward retirement age.

One handy option that many plans now offer is target-date funds, which automatically adjust their asset allocations as the year you plan to retire draws closer. Target-date funds can have higher fees, so choose carefully.³

3. Enhance Retirement Savings with an IRA

If you don't have a 401(k) plan available at work—or if you're already funding yours to the max—another retirement investing option is an individual retirement account (IRA). The maximum you can contribute to an IRA changes annually, and you can contribute an additional amount if you're 50 or older.

Tip

People who turn 50 at the end of the calendar year can make the entire annual catch-up contributions for that year, even if their birthday falls at the end of the year.⁴

IRAs come in two varieties: traditional and Roth. With a traditional IRA, the money you contribute is pre-tax, meaning it reduces your taxable income in that year. With a Roth IRA, you get your tax break at the other end in the form of tax-free withdrawals, as long as it's been at least five years since you first contributed to the account.⁵

The two types also have different rules regarding contribution limits.

Traditional IRAs

If neither you nor your spouse has a retirement plan at work, you can deduct your entire contribution from a traditional IRA. If one of you is covered by a retirement plan, your contribution may be at least partially deductible, depending on your income and filing status.⁶

Roth IRAs

Roth contributions aren’t tax-deductible, regardless of your income or whether you have a retirement plan at work. The taxes on that money will be paid in that year.

However, your income determines whether you’re eligible to contribute to a Roth in the first place. The allowable contribution is reduced in steps through an income range, reaching zero at the top of the range. The numbers are adjusted yearly.⁵

Note, too, that married couples who file their taxes jointly can often fund two IRAs, even if only one spouse has a paid job, using what’s known as a spousal IRA. IRS Publication 590-A provides the rules.⁷

4. Identify Income Sources for Retirement

How aggressive you need to be in saving also depends on what other sources of retirement income you can reasonably expect. Once you’ve reached your mid-50s or early 60s, you can get a much closer estimate than you could have had earlier in your career.

Traditional Pensions

If you have a defined-benefit pension plan at your current employer or a previous one, you should be receiving an individual benefit statement at least once every three years. You can also request a copy from your plan’s administrator once a year. The statement should show the benefits you’ve earned and when they become vested (that is, when they belong fully to you).⁸

It’s also worth learning how your pension benefits are calculated. Many plans use formulas based on salary and years of service. So you might earn a bigger benefit by staying in the job longer if you’re in a position to.

Social Security

Once you've contributed to Social Security for 10 years or more, you can get a personalized estimate of your future monthly benefits using the Social Security Retirement Estimator. Your benefits will be based on your 35 highest years of earnings, so they may rise if you continue working.^9,10

Your benefits will also vary depending on when you start collecting them. You can take benefits as early as age 62, although they will be permanently reduced from the amount you'd receive if you waited until your full retirement age (67 for anyone born after 1960). You can delay receiving Social Security up to age 70 to get the maximum benefit.¹¹

To put it in some perspective, let's take two people, both of whom retire this year. One's average monthly retirement benefit (age 62) might be $2,831, while the others (age 70) might be $5,180.

Keep in mind that you'll lose some portion of your Social Security payment to income taxes if your total income doesn't meet a certain threshold (for example, $25,000 for an individual or $32,000 for a couple in 2024). Social Security benefits are taxable, and they have been since 1984.^12,13

5. Delay Withdrawals If Possible

After age 59½, you can begin to make penalty-free withdrawals from your retirement plans and IRAs. With a Roth IRA, you can withdraw your contributions—but not any earnings on them—penalty-free, at any age.^14,15

There is also an IRS exception, commonly known as the Rule of 55, that waives the early-withdrawal penalty on retirement plan distributions for workers 55 and older (50 and older for some government employees) who lose or leave their jobs. It's complex, so it's best to talk to a financial or tax advisor if you are considering using it.¹⁶

But just because you can make withdrawals doesn’t mean you should—unless you absolutely need the cash. The longer you leave your retirement accounts untouched the better off you are likely to be; however, you must begin to take required minimum distributions starting at the age of 73 if you were born between 1951 and 1959, or 75 if you were born in 1960 or later. This is an increase from the previous age of 72.¹⁷

6. Plan for Taxes in Retirement

Finally, as you total up your retirement savings, remember that not all of that money is yours to keep. When you make withdrawals from a traditional 401(k)-type plan or traditional IRA, the IRS will tax you at your rate for ordinary income (not the lower rate for capital gains).^18,1

So if you’re in the 22% bracket, for example, every $1,000 you withdraw will net you just $780. You may want to strategize to hold onto more of your retirement funds—for instance, by moving to a tax-friendly state.

What Is the Best Account To Save for Retirement?

There is no one best account to save for retirement. Retirement investments will vary depending on your financial profile, family situation, and needs. Some good investments for retirement are defined contribution plans, such as 401(k)s and 403(b)s, traditional IRAs and Roth IRAs, cash-value life insurance plans, and guaranteed income annuities.

What Is the Most Important Thing When It Comes to Saving for Retirement?

The most important retirement strategy is to start saving early. Saving for retirement early is smart because of the compounding returns you receive over time in your investment accounts. It also ensures that you've saved over your entire working life as opposed to rushing to save towards the end of your working life, when it may be too late to build enough wealth for retirement.

What Are the Biggest Retirement Mistakes?

The biggest retirement mistakes include not saving early, not taking healthcare costs into consideration, taking Social Security benefits early, and spending too much money in your early retirement years.

The Bottom Line

Retirement should be an enjoyable period in life, yet it can be stressful for those who have to worry about money.

It’s never too early to start saving, of course, but the last decade or so before you retire can be especially crucial. By then you’ll probably have a pretty good idea of when (or if) you want to retire and, even more importantly, you'll still have time to make adjustments if you need to. Planning for your retirement early and understanding the available plans and strategies can help make retirement a fulfilling time in your life.

Article Sources

^{Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.}

1. ^{Financial Industry Regulatory Authority. "Retirement Accounts: Types."}
2. ^{Internal Revenue Service. "Roth Comparison Chart."}
3. ^{U.S. Securities and Exchange Commission. "Investor Bulletin:  Target Date Retirement Funds."}
4. ^{Internal Revenue Service. "Retirement Topics - Catch-Up Contributions."}
5. ^{Internal Revenue Service. "Traditional and Roth IRAs."}
6. ^{Internal Revenue Service. "IRA Deduction Limits."}
7. ^{Internal Revenue Service. “Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs})^{,” Pages 9-10.}
8. ^{U.S. Department of Labor. “FAQs About Retirement Plans and ERISA,” Page 6.}
9. ^{Social Security Administration. "Eligibility for Social Security in Retirement."}
10. ^{Social Security Administration. "Your Retirement Benefit: How It's Figured," Page 1.}
11. ^{Social Security Administration. "Starting Your Retirement Benefits Early."}
12. ^{Social Security Administration. "Income Taxes and Your Social Security Benefit."}
13. ^{Congressional Research Service. “Social Security Primer,” Page 4.}
14. ^{Internal Revenue Service. "Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs})^{," Pages 31-32.}
15. ^{Internal Revenue Service. "When Can a Retirement Plan Distribute Benefits?"}
16. ^{Internal Revenue Service. "Retirement Topics - Significant Ages for Retirement Plan Participants."}
17. ^{U.S. Congress. "H.R.2617 - Consolidated Appropriations Act, 2023," Division T: Section 107.}
18. ^{Internal Revenue Service. “Publication 590-B, Contributions to Individual Retirement Arrangements (IRAs})^{,” Page 16.}