Inflation continues to squeeze more Americans out of retirement and back into the workforce.
Forced by the harsh reality of the rising cost of living and higher prices, retired nurse Joyce Fleming was forced to return to work to make ends meet.
"It's difficult," Fleming said on "Fox & Friends" Tuesday. "I had to go back to a financial advisor just to rearrange my whole finances, realizing that, if I want to continue to live my lifestyle, I needed to probably add a few more dollars to my budget. And so I felt like I had to go back to work."
12% OF RETIRED AMERICANS PLAN TO RETURN TO THE WORKFORCE IN 2024: SURVEY
According to a survey by Resumebuilder.com, one in eight retirees plan to return to work in 2024 largely due to high prices and shrinking savings.
When asked about the primary motivation for returning to work, Fleming cited the "rising cost after the pandemic hit."
"I had a fence estimate back right before I retired. After I retired, I contacted the gentleman to put the fence in. It was $2,000 more than what the estimate was just because of rising costs and supply issues and things like that," she said.
BABY BOOMERS ARE BECOMING WEALTHIER, WHILE YOUNGER GENERATIONS LAG BEHIND, FED REPORT FINDS
According to the January consumer price index (CPI), inflation rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last year.
Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4% – the largest monthly increase since April 2023. It rose 3.9% annually.
Altogether, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains above the Federal Reserve's 2% target.
For Fleming, the best option for combating skyrocketing costs was returning to work.
"I went back to work originally just with a small paying job in a call center at an amusement park, and that really didn't pay much at all. And plus, it was a lot of travel," she explained.
"I then took another job as a nurse, and I worked in that for a while, but right now I'm looking for something more locally. Something closer to home so that I don't have to pay or get involved in the expensive gas prices."
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FOX Business' Megan Henney contributed to this report.
