Struggling to Make Ends Meet: Old Age, Retirement, and Employment
Elderly Woman Vanessa Continues to Work Past the Age of 85
Tired after a long day's work, Vanessa, 85, climbs her seventh-floor apartment stairs. Even though she has officially retired, she keeps working, offering foot care or leading chair-dancing sessions at retirement homes. Financial constraints force her to take on these jobs after her monthly income - a mere 1,400 euros - leaves her scrambling to cover essential costs [1].
"I'm frugal, but the money wouldn't last," Vanessa admits in the ZDF documentary "37°: Retirement? Not enough!" The stark reality is that many retirees face similar circumstances. In the last five years, the count of those laboring despite retirement has increased to close to 1.5 million, marking a 25% rise [2]. Meanwhile, the elderly represent about a quarter of German food bank customers [2].
Angelika, 75, is another senior struggling with financial strain. Volunteering at a food bank to trim expenses, she supplements her 870 euro monthly pension with additional income from a part-time supermarket job, despite the physical toll it takes on her body [1]. Her efforts to secure new employment are often hampered by ageism, she says [1].
Years of nurturing children took a toll on both Vanessa's and Angelika's pension savings, and their divorces left them without spousal support. Vanessa declines help from family, preferring autonomy, while Angelika's daughter is not in a financial position to provide assistance [1].
Emi, a 71-year-old, was self-employed for much of his life and neglected to contribute to his pension. When a slipped disc drained his savings, he was left with minimal pension income, just 100 euros. To make ends meet, he now works as a German language teacher, earning 3,200 euros per month [1].
Regardless of the hardships, work offers dignity and social connection for Vanessa. Her biggest fear, she admits, is "What will happen if I can't do it anymore?" [1].
"37°: Retirement? Not enough!" is scheduled to air on ZDF on June 3 at 10:15 PM, and is available in the ZDF media library before this date [1].
Additional Insights:
- Trends and Statistics: Increased life expectancy and the rising cost of living contribute to financial insecurities among retirees. The pension benefits often fall short of covering expenses, compelling them to continue working to maintain their standard of living [2][4].
- Age and Employment: As vital contributors to businesses and society, many older workers enjoy flexible work arrangements that allow them to remain employed longer [4]. They also benefit from employer's desire to retain experienced staff and the new opportunities presented by technology [4].
- Retirement Savings: Retirees may rely on a combination of sources to support their lifestyle, including statutory pensions, occupational pensions, and personal savings. Unfortunately, these funds may not be sufficient to ensure financial security for all retirees [3].
- In her retired years, Vanessa supplements her limited income by working in the healthcare sector, offering foot care and chair-dancing sessions, highlighting the growing need for workplace wellness and health and wellness among the elderly.
- Disregarding personal health concerns, Emi, a divorced senior, uses his language teaching skills to earn a living and manage his personal finance, underscoring the importance of wealth management and personal finance in old age.
- Combatng her financial struggles, Angelika volunteers at a food bank and works part-time at a supermarket, revealing the intersection of women's health, aging, and the pressing issue of food insecurity among the elderly.
- The difficulties faced by Vanessa, Angelika, and Emi illustrate how factors such as increased life expectancy, higher living costs, and the emergence of new employment opportunities can impact men's health, aging, and overall financial well-being in old age.
- As established experts in their fields, older workers are increasingly sought after by businesses for their valuable experiences, offering potential solutions for companies seeking to implement age-friendly workplace-wellness practices, enhance their diversity, and retain experienced staff through flexible work arrangements.
