• Many of the 3,300 older Americans BI heard from recently regret not preparing enough for retirement.
• Financial planners described how younger people could set themselves up now to retire comfortably.
• This is part of an ongoing series about older Americans' retirement regrets.

For many Americans, their golden years can be a time of reflection — and regret.

Since mid-September, more than 3,300 older Americans have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Many said they wished they'd saved more, waited longer to retire, relied less on Social Security, or been more prepared for unexpected financial setbacks, such as a layoff, a medical diagnosis, or a divorce.

"I didn't really think about retirement in concrete terms," one 65-year-old wrote in response to a survey question about how people wished they planned for retirement differently. "I always felt I had time. Now I'm older, wholly unprepared, and without savings or a 401(k)."

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

BI talked to financial planners, wealth managers, and a personal-finance writer about what younger generations could do to avoid similar financial mistakes. This story is part of an ongoing series.

Start saving and investing as early as possible, even with a small amount of money

The amount of money Americans need to save for retirement can vary based on lifestyle and the local cost of living. In a survey conducted by Northwestern Mutual in January, the average respondent said they thought they'd need about $1.5 million to retire comfortably. Wealth managers and financial planners encourage young people with this goal — or any others — to understand their options, start early, and take advantage of employer-match programs.

Brad Bartick, a wealth planner at Baird, said Americans should begin saving for retirement while they're in college or in their early 20s. "Sobering though it may be," Bartick said, "success may require you to work a second job" or "earn a higher level of training or education."

He suggests people create a "ruthlessly honest budget" so they can identify places to cut spending and ways to pay down high-interest debt or build up an emergency fund. If money is tight, start by putting $25 to $50 per paycheck aside for retirement.

"That may not seem like much, but it is the behavior of saving — the habit, if you will — that is most important later in life," Bartick said. "Additionally, time will reward your having started early."

Bartick suggested that people whose workplaces offer retirement plans contribute at least the maximum dollar amount their employer will match and raise their savings rate as their salary increases.

A fact sheet published by AARP in December cited an estimate based on Census, IRS, and Federal Reserve data that about 56 million Americans in 2022 lacked access to retirement-savings plans at work. The vast majority of those people earned less than $50,000, meaning they may not have much surplus cash to save for retirement.

Judith Ward, thought leadership director and a certified financial planner at T. Rowe Price, said that not every employer clearly communicates which resources it offers, so workers may have to research what's available. She suggests people aim to save 15% of their salary annually.

A 72-year-old who responded to the survey implored people to "always, always, always take advantage of a 401(k) program with your employer and max it out," adding: "My mortgage was too big initially, so I didn't participate in the program for a few years. Big mistake."

Those lacking a retirement-savings plan at work can use individual retirement accounts, which most banks offer. Traditional IRAs offer tax breaks up front. Roth IRAs offer tax-free qualified withdrawals later in life. Bartick said higher earners should consider a Roth 401(k), as they're likely to be in a higher tax bracket later in life and can therefore save more money.

Bartick described investing as "the great equalizer" for young people looking to build a retirement portfolio, adding that most people can open a brokerage account and invest with few barriers. While investing can be lucrative, it involves risk and isn't a surefire way to build wealth.

Rob Williams, a managing director of financial planning at Charles Schwab, said the biggest regret he hears is that people waited too long to invest, missing out on years of compounding interest.

Retirees who didn't save or invest enough often rely on Social Security in their later years. Several older adults told BI they regretted collecting Social Security at 62 instead of 67, when their full retirement benefits would have kicked in.

A 77-year-old survey respondent who wrote that they "took Social Security too early" said they regretted cashing in on their benefit before reaching full retirement age. They added that working a lower-paying teaching job hurt their Social Security income and retirement savings later in life.

Prepare in case of a divorce or a spouse's death

Dozens of survey respondents said they regretted how they handled finances with their spouse. Some said they weren't on the same page about retirement goals, while others said the death of a partner disrupted their carefully laid plans.

Ward suggested married couples consider retirement as a household and analyze finances together, even if spouses keep their accounts separate.

"One of the biggest retirement mistakes I see is when a spouse assumes they share the same retirement vision," Ward said.

Many older adults told BI that a divorce hurt their finances. One 67-year-old survey respondent who got a divorce said they regretted "not having a 401(k) and thinking I would be OK because my husband worked hard all his life."

A study published in the Journal of Gerontology in 2022 found that from 1990 to 2010, the divorce rate for adults 65 and older nearly tripled. A BI analysis of 2023 individual-level Census Bureau data found that divorced retirees had lower average 401(k) balances, less savings, and a lower monthly retirement income than married people.

Elizabeth Ayoola, a personal-finance writer at NerdWallet, said people could protect some of their money and retirement savings with prenuptial agreements. However, prenups typically apply only to money and assets acquired before a couple ties the knot, so they provide less protection if the couple divorces later in life. She said that including major assets or money in a trust could be an effective way to secure wealth in a divorce, and she advised couples to have transparent conversations about finances at all stages of their relationship.

A spouse's death can also have detrimental financial ramifications. Older Americans told BI they struggled to get by without their spouses' paychecks or Social Security income. Others said a lack of a will threw them into a complex legal battle and probate process for their spouses' assets.

Ayoola advised couples to write a will and consider a life-insurance policy.

Build a nest egg to lessen the sting of sudden bills or loss of income

Some older Americans told BI that unexpected expenses or events, like medical diagnoses or layoffs, depleted their retirement savings.

One 78-year-old survey respondent wrote that her husband had heart problems and was recently laid off. She described wanting to reduce their housing costs but being unable to. "We are trapped in a large home living on Social Security and draining savings until it's gone," she wrote.

Dozens of older Americans said a layoff affected their retirement planning. Carly Roszkowski, a vice president of financial-resilience programming at AARP, advised older workers to continue updating their résumés and keep their skills sharp in case they're laid off.

Younger people may want to diversify their skills and prepare to pivot careers. They may also want to build an emergency fund to support themselves or loved ones if they lose their jobs.

"Build relationships with colleagues, mentors, and industry professionals. Networking can open doors to new opportunities and provide valuable support and guidance," Roszkowski said. "Reverse mentorship programs can be effective in organizations to help bridge generational gaps and build understanding and collaboration between different age groups."

Several older Americans said they stopped working or used up much of their savings because of a medical diagnosis. Healthcare researchers advise investing in routine checkups, factoring medical emergencies into nest eggs, and researching government-assistance options.

When a 69-year-old survey respondent and her husband began to struggle with health issues in their 50s and 60s, she said it took a toll on their savings: "Because of our health, I had to cash in my 401(k) for medical expenses at a very early age."

Financial planners told BI that people should analyze the value of their last-resort funding sources, like homes or life-insurance policies, so they know the total of their assets in a costly emergency. Ward said a healthy emergency fund for young people should include enough to cover three to six months' worth of expenses. As people age, they should allocate more: Retirees should have one to two years' worth of income, Ward said.

Sudden healthcare costs can drain emergency funds. Williams advised that people — whether they're young or heading into retirement — research their insurance options so they can reduce out-of-pocket costs.

Doug Ornstein, a director of wealth management at TIAA, argued that people paying high out-of-pocket healthcare costs in retirement "probably would have to live really bare-bones instead of being able to leave their kids some money or be able to do some trips and travel."

Benefits counselors can also help people determine the government aid they qualify for — the money may help them conserve savings and cover bills. The National Council on Aging estimates that up to 9 million older Americans are eligible for government assistance but not enrolled.

Ayoola said that benefits like SNAP or Medicaid could help lower-income people save money over time. "I would tell them to look around for as many government resources as possible to supplement their income," Ayoola said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

• Over 2,000 older Americans and counting have shared their financial and other regrets with BI.
• Some experienced financial distress after losing their spouses to illness or accidents.
• This is part of an ongoing series about older Americans' regrets.

Karen Lauer's husband died without a will. On top of the grief of losing the person she loved, Lauer's finances were thrown into chaos.

She's one of many older widows and widowers who have shared their stories with Business Insider in recent months. They're among the more than 2,000 Americans who've responded to a reader survey about their life regrets. This story is part of an ongoing series.

Some widows told BI they lost substantial amounts of their household income or were thrust into complex legal battles for their spouse's assets.

Others regret not outlining a will, skipping a life-insurance policy, or not building savings before their spouse's death: "Having been widowed twice and left with three girls to raise alone, I wish I would've saved money for my retirement years," one survey respondent wrote.

"I hate living without my husband — I needed to prepare for widowhood while making the most of our last years together," another said.

For Lauer, sorting through the pieces of her husband's estate has been painful.

"Because we didn't have a will, I feel like I'm going through a divorce between my dead husband and myself," Lauer said.

We want to hear from you. Are you an older American with any life regrets you'd be comfortable sharing with a reporter? Please fill out this quick form.

How losing a partner can take a painful financial toll

Lauer, 64, smiles thinking about the man nicknamed "Cowboy Steve." She pictures him cantering on his horse at their ranch in western Nebraska, gathering a thin layer of dust on his leather boots.

Her husband died following an accident last year. Without a will, she said the local court told her that all of her husband's money and assets would go into probate, a legal process used to divide a deceased person's estate, typically among their blood relatives. Lauer said because the ranch was in Steve's name, not hers, she was required to move off the ranch during the process so the house could be sold. She said she's now experiencing homelessness.

She's house-sitting for a friend in Lincoln, Nebraska, but doesn't know where she'll live next. With limited savings of her own, Lauer said she's surviving on less than $2,000 in monthly Social Security payments. She said it's not enough to cover essentials or rent her own apartment.

Lauer's financial experience mirrors that of others. In fact, on average, widows have lower 401(k) balances, less savings, and a more limited monthly retirement income than married retirees, BI found in an analysis of individual-level data from the Census Bureau's 2023 Survey of Income and Program Participation.

The average monthly income of widowed retirees is higher than that of divorced retirees and retirees who never married. But at an average of $2,381 monthly, their income is still several hundred dollars lower than that of married retirees with a surviving spouse. The analysis looked at retirees' income from pensions, Social Security, retirement accounts, or insurance benefits.

Doug Ornstein, the director of wealth management at TIAA, told BI that losing a spouse could have "devastating" financial impacts.

"If the person who handled most of the money passes away unexpectedly or early, the surviving spouse might not have financial literacy," he said. "Or maybe the couple undersaved for retirement — that person has to figure it out themselves."

A report published in June by the financial firm Thrivent found that less than half of widowed women feel prepared to manage their finances after a spouse's death. Twenty-nine percent of women surveyed said they created a will with their spouse, while 41% said they had no financial plan before their spouse's death. The firm surveyed a national sample of 422 female widows in May 2024.

Lauer wishes her "marriage license came with instructions," she said. Steve died unexpectedly, and Lauer said she didn't have enough knowledge about the probate and asset-division process, or how it would affect her livelihood as the surviving spouse. She advises other married people to write a will and make a financial plan as soon as possible.

How to protect your finances if your spouse dies

Ornstein said there are a few key ways that Americans can financially protect themselves if their spouse dies.

The first step is creating a will and having regular conversations about finances as a couple. A life-insurance policy — which people can buy or opt in to through their employer — can provide further financial security to a deceased person's family after their death. Typically, people pay a regular premium for the insurance throughout their career and can name a spouse or children as their beneficiaries.

Ornstein told BI that widows and widowers should work with an estate-planning attorney, financial advisor, and tax professional directly after their spouse dies. He added that, when preparing for those meetings, it's best to collect as many legal and financial documents as possible: a death certificate, a marriage license, bank statements, tax returns, benefits paperwork, insurance policies, and a will.

With an attorney and financial advisor, widows and widowers should apply — or reapply — for benefits such as Social Security and pensions, Ornstein said. They may be entitled to spousal benefits or higher monthly government aid. He added that a surviving spouse would likely have to transfer ownership of assets like a house, credit card, retirement account, or loan to themself or another family member.

"Take things one step at a time," he said in a follow-up email. "It's normal to feel stressed, overwhelmed, and anxious in this situation."

Still, not all widows or widowers have regrets about their money habits, even if they're in a precarious financial position.

Looking back on his 48 years of marriage, Robert Berkeley feels good about how he spent his money. He and his wife, Lourdes, spent decades traveling, dining at their favorite restaurants, and hosting big family holiday gatherings in their eastern North Carolina home. After their respective careers as an intelligence analyst and a dental hygienist, the couple decided to retire in their 60s — living largely on their monthly Social Security checks and the few thousand dollars they had saved.

Twelve years later, in 2022, Lourdes was diagnosed with cancer. The disease was aggressive, and she died within a couple of months.

Now 78, Berkeley is struggling to make ends meet. He and his wife didn't have a life-insurance policy or robust savings. He said it's been difficult to afford housing, utilities, groceries, and transportation without two Social Security incomes. Berkeley receives a $1,650 monthly payment, but he's in debt and behind on bills. He's hoping the part-time security guard job he landed recently will help fill the gaps.

Despite his limited budget, Berkeley feels at peace with past spending habits: "We decided to live our life in our 30s, 40s, 50s, 60s, right up to hitting our early 70s," he said. "We weren't the kind to squirrel money away for something that might happen in the future."

The couple lived — and spent — in the moment, he said. He may not have much wealth left as he ages, but Berkeley said it's worth it for the years he had and the memories he made with his "darling wife."

Are you struggling with finances after losing a spouse? Are you open to sharing your experience with a reporter? If so, reach out to [email protected].

• More than 2,000 older Americans and counting shared their financial regrets with BI.
• Many said they had made mistakes that led them to return to work after retirement.
• This is part of an ongoing series about older Americans' regrets.

After retiring less than a year ago, Sylvia, 64, is back at work.

The under $2,000 a month she receives in Social Security isn't enough to pay her bills, and she has little retirement savings, so she recently started a job as a cashier.

Sylvia is one of many older adults who have shared their retirement stories with Business Insider in recent months. Some said they returned to work out of financial necessity; others unretired to stay active and combat loneliness. They're among more than 2,000 Americans who have responded to a reader survey about their life regrets. This story is part of an ongoing series.

Sylvia, who requested to use only her first name for privacy, was hoping to land a part-time role in education or local government near Albany, New York. Though she has decades of experience and has submitted hundreds of applications, she's had no luck getting hired in her field and opted to pick up shifts at the grocery store.

Now, Sylvia isn't sure whether she will ever be able to stop working. She said she's "mad" at herself for not building a strong financial foundation for retirement — she thought Social Security would be enough to get by. The manual labor of a grocery job is taking a toll on her mind and body, but she said she needs the money.

"I'm scanning groceries and I'm thinking: 'I hold a master's degree, I recently received an award from one of our state senators, and I can't obtain professional work,'" Sylvia told BI. "Can you believe that?"

We want to hear from you. Are you an older American with any life regrets you'd be comfortable sharing with a reporter? Please fill out this quick form.

Some older adults can't retire because of their finances

Sylvia's experience isn't uncommon. The Federal Reserve Bank of St. Louis found that 2.4 million excess retirements occurred in the US as the pandemic began in 2020, meaning the number of retirees far surpassed the Fed's prediction. However, an Indeed Hiring Lab analysis of individual-level Census data found that 1.5 million retirees had returned to the workforce by March 2022.

In a study published in May, the wealth management firm T. Rowe Price estimated that 48% of those working in retirement needed their paycheck, while 45% chose to work for social and emotional benefits. The study was based on survey responses of 2,895 401(k) plan participants and 1,136 retirees in 2022.

What's more, one in five adults ages 50 and over surveyed by AARP and the University of Chicago's NORC research firm in January said they didn't have retirement savings.

But going back to work as an older American isn't so simple. These job seekers may struggle to land a job because of ageism in the hiring process, said Jessica Johnston, the senior director for the National Council on Aging's Center for Economic Well-Being. They could also face difficulty finding a job because their skills don't meet changing technology requirements.

"For people who are trying to reenter, a lot of them need job training," she said. "And the amount of digital literacy required to do a lot of even part-time work is not inconsequential."

Some retirees who return to the workforce for financial reasons are also conscious that earning too much can cost them more in lost benefits than they make in take-home pay. Government assistance programs that some older Americans rely on, like Medicaid or SNAP, have income ceilings. For example, a single person in Utah, like Claudia Rufino, must keep her gross monthly income below $1,670 to qualify for Medicaid.

Rufino feels trapped in that catch-22. As a single mom, she worked multiple jobs in retail and design to support her family, but a tight budget meant she couldn't build savings. After retiring and taking Social Security a decade ago — which currently amounts to $1,103 a month — the 72-year-old said she had been struggling to afford essentials.

To help cover her bills, Rufino took a part-time role working with foster children near her home in Salt Lake City. She said that she earns a stipend of a few hundred dollars a month.

Rufino wishes she had extra money to travel in her golden years: "I want to go see the world, but I don't have the money to do it," she said.

She would pursue a higher-paying job, but she said that would risk her Medicaid benefits, meaning she would have to pay more of her healthcare costs out-of-pocket. She also lives in a subsidized housing unit, and she said a higher income would mean an untenable rent increase. Those are trade-offs she can't afford to make.

"Going back to work is not worth it for me in my situation," she said. "I don't make enough money to make it worthwhile."

Resources for older adults in the job market

Retirement and economy experts told BI that there are resources for older adults who are back on a job hunt.

Johnston said that, for those who can't find work, government assistance programs can help some Americans afford essentials like groceries, housing, healthcare, and transportation.

In August, the National Council on Aging estimated that 9 million adults ages 65 and older would qualify for SNAP benefits but weren't enrolled, with many of those people eligible for other programs as well, like Social Security and Medicare Savings. The group hypothesized that some lower-income older adults don't know they are eligible.

Johnston said lower-income older Americans should take the food, healthcare, transportation, and housing benefits they are entitled to — local senior centers and benefits counselors can help them get started, she said.

"I'm a big believer that you can't budget your way out of poverty," Johnston said.

Allison Shrivastava, an economist for the job-search platform Indeed, added that older adults looking to return to work should lean on their professional networks to get a leg up on open positions and interviews. She also advised that job seekers spend time obtaining updated certifications and technology skills in their field: "It shows that you are willing to learn and you're willing to adapt," Shrivastava said.

To be sure, financial need isn't the only reason that retirees return to work.

Bonnie Cote, 75, returned to the workforce part time as a substitute teacher shortly after retiring about 10 years ago. She spent decades working for the Department of Education near Washington, DC, along with a stint teaching art at a nearby school.

Cote's income supplements her savings and $2,300 monthly Social Security checks, but she says her job keeps her active. She loves teaching, being social, and working with students on assignments and art projects.

Cote said she felt pressured by friends and financial advisors to leave her career in education in her mid-60s and came to regret it. She said she retired too soon, and she's happiest in a classroom.

"It doesn't matter what age you are," Cote said. "You should be able to get a job."

Have you unretired? Are you struggling with finances in retirement? If you're open to sharing your story with a reporter, reach out to [email protected].

• Guaranteed basic-income programs can help low-income participants afford necessities like rent.
• More than 100 US cities and counties have tried GBI, offering cash for housing and groceries. 
• Despite legislative opposition, basic-income programs remain active across the country.

Basic income gives many participants the financial boost they need to afford necessities.

Shamarra Woods, a 31-year-old Atlanta resident, spent basic income on bills and day care for her toddler.

For Jennette Fisher, 46, $500 a month allowed her to sign a lease for an apartment in a quiet Chicago suburb with her daughter.

"It took such a weight off," Fisher previously told Business Insider. "If I wouldn't have had that money, I don't know what would have happened."

Guaranteed basic income has become an increasingly popular strategy to approach poverty in US cities. More than 100 municipalities have tried the GBI model since 2019, offering low-income participants between $50 and $2,000 a month, no strings attached, for a set time period.

What makes basic income different from traditional social services is the element of choice. Most participants told BI they spent basic income on housing, groceries, transportation, and debt repayment — wherever they needed it the most.

Typically, participants fall below the federal poverty line. Some programs have focused on specific populations, such as new and expecting mothers, households with children, or people experiencing homelessness.

Basic-income pilots have been completed in cities and counties in Alabama, Virginia, Rhode Island, New Jersey, Mississippi, Louisiana, Indiana, Florida, North Carolina, South Carolina, Washington, and Oklahoma, among other states. The Alaska Permanent Fund is similar to UBI, and several countries have basic-income programs.

GBI varies slightly from universal basic income, which also offers participants no-strings-attached cash payments but has no set time period. It's also not limited to participants in a specific demographic or income bracket.

Local and federal leaders continue to weigh the pros and cons of UBI. Basic-income programs have faced legislative opposition from some Republican lawmakers, who say that basic income discourages work.

For example, Iowa passed a ban on GBI in April, and the Arizona House of Representatives voted in February to ban basic income. On April 23, the Texas Supreme Court placed a temporary block on a Houston-area basic income program that the attorney general called "unconstitutional."

Despite these political challenges, basic-income programs remain active across the country. Here's a breakdown of states, listed in alphabetical order, where cash payments are offered to low-income residents.

California

Location: Los Angeles County
Program name: Breathe
Duration: June 2022 to August 2025
Income amount: $1,000 every month for three years
Number of participants: 1,000 low-income households

Location: Los Angeles
Program name: Building Outstanding Opportunities for Students to Thrive (BOOST) program
Duration: fall 2024 to fall 2025
Income amount: $1,000 a month for 12 months
Number of participants: 250 students pursuing health careers in the Los Angeles Community College District

Location: Alameda County
Program: United Way Bay Area's GBI pilot
Duration: November 2024 to spring 2026
Income amount: initial $3,000 payment, then $1,000 a month for the next 12 months, with amounts tapering for the final six months
Number of participants: 100 local families

Location: Long Beach
Program name: Long Beach Pledge
Duration: spring 2024 to spring 2025
Income amount: $500 a month for 12 months
Number of participants: 200 low-income households with children

Location: Mountain View
Program name: Elevate MV
Duration: December 2022 to December 2024
Income amount: $500 a month for 24 months
Number of participants: 166 low-income parents

Location: Sonoma County
Program name: Pathway to Income Equity
Duration: January 2023 to January 2025
Income amount: $500 a month for 24 months
Number of participants: 305 low-income families

Location: Pomona
Program name: City of Pomona Household Universal Grants Pilot Program
Duration: summer 2024 to spring 2026
Income amount: $500 a month for 18 months
Number of participants: 250 low-income families with children under 4 years old

Location: Humboldt County
Program name: Humboldt Income Program
Duration: on a rolling basis, beginning December 2023
Income amount: $920 a month for 18 months
Number of participants: 150 low-income pregnant people

California has seen basic income programs in Stockton, San Francisco, Marin County, Compton, Oakland, Santa Clara, and San Diego. In 2021, California's basic income efforts were granted $35 million for more GBI pilots over five years, and a bill being heard in the California Senate would provide GBI starting in August for students experiencing homelessness.

Colorado

Location: Boulder
Program name: Elevate Boulder
Duration: January 2024 to January 2026
Income amount: $500 a month for two years
Number of participants: 200 low-income households

Beginning in 2022, a basic-income program in Denver gave cash assistance to 800 people experiencing homelessness.

Georgia

Location: Atlanta, southwest Georgia, and College Park
Program name: In Her Hands
Duration: a first pilot from 2022 to 2024 and a second pilot that began in spring 2024
Income amount: average payments of $850 a month over 24 months for the first round
Number of participants: 650 low-income Black women

Illinois

Location: Cook County
Program name: Cook County Promise
Duration: December 2022 to December 2024
Income amount: $500 a month for 24 months
Number of participants: 3,250 low- to moderate-income families

Location: Evanston
Program name: Guaranteed Income Program
Duration: A first round ran from December 2022 to December 2023, and applications for a second round were due in summer 2024.
Income amount: $500 a month for one year
Number of participants: 150 low-income families

Location: statewide
Program name: Empower Parenting with Resources
Duration: fall 2024 to fall 2026
Income amount: monthly payments for a year dependent on each participant's income and local cost of living
Number of participants: 400 families involved in the child-welfare system

Chicago previously ran the Chicago Resilient Communities Pilot, providing basic income for 5,000 residents, and has set aside $32 million to relaunch the program. OpenAI's cofounder Sam Altman also sponsored a GBI program beginning in 2019 that gave 3,000 Texas and Illinois residents $1,000 a month for three years.

Iowa

Location: Polk, Dallas, and Warren counties
Program name: UpLift — The Central Iowa Basic Income Pilot
Duration: May 2023 to spring 2026
Income amount: $500 a month
Number of participants: 110 low-income households

Louisiana

Location: New Orleans
Program name: Rooted School: $50 Study
Duration: two phases, running from fall 2022 to summer 2024, with funding set aside to expand the program over the next three years
Income amount: $50 a week for the 40-week academic year
Number of participants: 800 New Orleans high-school students

A previous program in Shreveport gave 110 single parents $660 monthly for a year ending in February 2023. The New Orleans Guaranteed Income Program gave 125 young people disconnected from work or school $350 monthly between spring 2022 and spring 2023. A statewide basic-income pilot called the Truth and Reconciliation Project also gave 12 people described by the program as "survivors of police misconduct who did not receive restitution in the courts" $1,000 a month, with payments concluding in October.

Massachusetts

Location: Somerville
Program name: Somerville Guaranteed Basic Income Program
Duration: July 2024 to July 2025
Income amount: $750 a month for 12 months
Number of participants: 200 low-income families

Massachusetts has run basic income programs in Boston, Chelsea, and Cambridge.

Michigan

Location: Ann Arbor
Program name: Guaranteed Income to Grow Ann Arbor
Duration: January 2024 to December 2025
Income amount: $528 a month for 24 months
Number of participants: 100 low-income entrepreneurs

Location: Flint
Program name: Rx Kids
Duration: January 2024 to spring 2025
Income amount: $1,500 lump sum, then $500 monthly payments during the first year of a baby's life
Number of participants: 1,200 new and expectant mothers

Minnesota

Location: statewide
Program name: Guaranteed Income for Artists
Duration: initially 18 months, extended to five years in summer 2024
Income amount: $500 month
Number of participants: 75 artists living in rural areas, plus 25 artists set to be added in 2024

St. Paul previously hosted an 18-month program for 150 low-income families, who received $500 a month beginning in fall 2020. A program in Minneapolis gave 200 families $500 a month.

Mississippi

Location: Jackson
Program name: Magnolia Mother's Trust
Duration: 12 months per pilot, ongoing
Income amount: $1,000 a month
Number of participants: over 400 low-income Black mothers since fall 2018

Missouri

Location: St. Louis
Program name: STL Guaranteed Basic Income Pilot
Duration: fall 2023 to spring 2025, with payments temporarily blocked in July by a lawsuit
Income amount: $500 a month for 18 months
Number of participants: 540 low-income families with children

New York

Location: New York City, Rochester, and Buffalo
Program name: The Bridge Project
Duration: June 2021, ongoing
Income amount: up to $1,000 a month for three years
Number of participants: 1,200 low-income mothers

Location: Hudson
Program name: HudsonUp
Duration: five years, with staggered cohorts launched in fall 2020, 2021, and 2023
Income amount: $500 a month for five years
Number of participants: 128 households

A 17-month program in Ulster County that provided basic income to 100 households ended in September 2022. Another program in Ithaca gave a full year of cash payments to unpaid caregivers through May 2023. The nonprofit Creatives Rebuild New York also ran an 18-month basic-income pilot for artists affected by the pandemic, which ended in early 2024.

Oregon

Location: Portland
Program name: Black Resilience Fund
Duration: January 2023 to spring 2026
Income amount: up to $2,000 a month for three years
Number of participants: 25 Black households in Multnomah County

In November, voters opposed Oregon's universal-basic-income proposal to give all state residents $1,600 annually through taxing corporations.

Pennsylvania

Location: Philadelphia
Program name: PHLHousing+
Duration: fall 2022 to spring 2025
Income amount: $89 to $2,079 a month for 30 months, depending on household income
Number of participants: 300 renter households from the Philadelphia Housing Authority's Housing Choice Voucher or public-housing waitlist

Location: Philadelphia
Program name: Philly Joy Bank
Duration: launched in summer 2024
Income amount: $1,000 a month for 18 months
Number of participants: 250 low-income pregnant people

Texas

Location: San Antonio
Program name: UpTogether San Antonio
Duration: summer 2023 to December 2024
Income amount: $500 a month for 18 months
Number of participants: 25 low-income families

Location: Harris County
Program name: Uplift Harris
Duration: initially scheduled to begin in April 2024, but the Houston-area basic-income program is delayed because of a state Supreme Court ruling
Income amount: $500 a month for 18 months
Number of participants: 1,928 low-income households

An earlier San Antonio program offered $5,108 to 1,000 families over a 25-month period that began in December 2020. The Austin Guaranteed Income Pilot gave its participants $1,000 a month ending in May 2023. Additionally, Altman's GBI program that began in 2019 gave 3,000 Texas and Illinois residents $1,000 a month for three years.

Virginia

Location: Richmond
Program name: Richmond Resilience Initiative
Duration: two-year program beginning October 2020, with staggered cohorts planned through spring 2025
Income amount: $500 a month for 24 months
Number of participants: 94 low-income families with children

Location: Alexandria
Program name: Alexandria Recurring Income for Success and Equity
Duration: spring 2023 to spring 2025
Income amount: $500 a month for 24 months
Number of participants: 170 low-income people

• Andrea, 64, faces a tough choice after a layoff: find a job or start collecting Social Security.
• Many older Americans rely on Social Security in retirement and struggle to pay their bills.
• About 13% of baby boomers on LinkedIn "unretired" in 2023, a five-year high.

When Andrea, 64, was laid off in February, she joined the ranks of many older Americans who unexpectedly find themselves looking to rejoin the job market.

She spent decades climbing the corporate ladder at various staffing and recruitment firms in Minnesota's Twin Cities, taking on leadership roles and earning a six-figure salary. She had planned to keep working until she reached retirement age at 67.

Now, Andrea — whose identity is known to Business Insider but requested to use her first name for privacy — is weighing her options. She thinks about taking Social Security benefits earlier than she initially thought, but she's worried about long-term savings and would prefer to land another role.

"I would have to really make some big paradigm shifts in my life in order to not dig into my retirement," she said. "I would have to become super frugal, and I would rather work."

Decisions about when to stop working and take Social Security have become a cornerstone of the retirement experience. Older Americans are eligible to take Social Security at age 62, or they can wait until their full benefit amount kicks in at age 67. Monthly Social Security checks, which averaged $1,924.35 in October, are many baby boomers' main source of retirement income. But that's often not enough unless it's supplemented with other savings, like a 401(k) or investments.

Business Insider has heard from over 1,000 baby boomers about their retirement regrets. Many wished they had waited to receive their maximum Social Security benefit, while others retired early for reasons outside their control. For people like Andrea, a late-career layoff can derail their best-laid financial plans.

We want to hear from you. Are you an older American with any life regrets you'd be comfortable sharing with a reporter? Please fill out this quick form.

Social Security may not cover all of Andrea's expenses

With her looming retirement decision, Andrea feels like she's "walking a tightrope" between starting her retirement and potentially outliving her savings. She said her husband, who is a retired attorney, receives several thousand dollars a month between his Social Security checks and pension. Andrea estimates her benefit check would be a little over $2,000 a month if she retired now — and she doesn't think it's enough to live on.

She said that paying for her family's mortgage, insurance, car payments, healthcare, and 24-year-old son's college tuition adds up quickly. She and her husband don't want to dip into their 401(k), Roth IRA, or investment accounts until absolutely necessary.

Doug Ornstein, director of wealth management at TIAA, told BI that unexpected costs or layoffs are a common source of financial anxiety for hopeful retirees.

"Most folks' biggest fear is running out of money and not having the dignity of being able to support themselves in their old age," Ornstein said.

About 13% of baby boomers on LinkedIn returned to the workforce, or "unretired," in 2023, a five-year high, per LinkedIn's Economic Graph. A Federal Reserve analysis of its 2020 US household economics and decision-making survey reported that 14% of non-retired adults who experience a layoff borrow or cash out funds from their retirement savings.

Andrea wishes she knew that her choice to be a stay-at-home parent while her son was a toddler — as well as work in the United Kingdom for 10 years earlier in her career — would negatively impact her Social Security earnings. The benefits only account for years actively spent in the US workforce.

She added that workplace ageism is making it difficult for her to be hired again, despite her years of experience. She hopes landing another role will help her round out the roughly $5 million she wants to have saved to retire comfortably.

Andrea advises others to begin saving for retirement in their 20s and 30s.

"Even when I do land a new job, I will save as much of that income as I possibly can," she said. "Because I don't feel that my position is as strong as it should be."

Have you had to return to work after retirement? Are you comfortable sharing your experience with a reporter? If so, reach out to [email protected].

• Donald Trump will decide whether to renew subsidies that make the ACA marketplaces more affordable.
• Biden's enhanced ACA subsidies, which lowered premiums for the middle class, will expire in 2025.
• Ending the subsidies would save the government money, but increase premiums for many Americans.

Federal subsidies meant to make health insurance more affordable for low- and middle-income Americans could be on the chopping block when Donald Trump returns to the White House.

President Joe Biden's enhanced version of the Affordable Care Act subsidies — which provide lower premiums and reduced out-of-pocket costs for lower-earning Americans who don't get health insurance subsidized by their employer or a government program like Medicaid — are set to expire at the end of 2025. At some point next year, Trump and a Republican-led Congress will decide whether to renew or end the subsidies.

Ending the subsidies would save the government money but restrict healthcare options for the people and families who rely on them. If the subsidies are allowed to expire, the Congressional Budget Office estimated that nearly 4 million people would drop coverage in 2026. 

The president-elect has been inconsistent with his support for the Affordable Care Act and has previously proposed cuts to healthcare programs like Medicare and Medicaid. The Trump transition team did not respond to BI's inquiry about ACA subsidies but previously shared a statement that Trump would "protect Medicare" as president.

Trump has not publicly said whether he plans to let the enhanced ACA subsidies expire, but he has made cost-cutting a cornerstone of his second-term promises.

The Affordable Care Act — also known as Obamacare — was passed in 2010. The law introduced the ACA marketplaces, which were meant to make health insurance more affordable for lower-earning people whose incomes would be too high to qualify for Medicare and Medicaid. It also requires insurance companies to cover preexisting conditions, like diabetes and heart disease.

Biden's expansion increased the financial assistance for people already on ACA plans and lifted the income eligibility cap for those benefits. Some middle-class families had previously been priced out of health insurance.

Since 2020 — the year before the subsidies went into effect — the number of people with ACA marketplace coverage has grown by 88%, to 21.4 million people from 11.4 million, per KFF.

Gary Young, the director of Northeastern University's Center for Health Policy and Healthcare Research, told Business Insider that the ACA subsidy debate underlines a growing problem: America's healthcare costs are ballooning, and it's taking a toll on people's finances and federal budgets.

"We are having this debate at the same time that we are beginning to see healthcare costs ramp up," Young said.

How ending ACA subsidies would impact Americans and government spending

Ending subsidies would be cheaper for the government and taxpayers. Some Republicans like Vice President-elect JD Vance have said they want to inject needed competition into the health insurance marketplace. Young said a more robust marketplace could lead to more diverse insurance plans being available, allowing people to choose coverage that best fits their needs without the government footing the bill.

"There's concerns about whether the subsidies maybe went too far," Young said. "They're providing people with financial resources to purchase more extensive insurance than they otherwise would purchase, and it's not necessarily an efficient way of using federal resources."

Still, Young said letting the ACA subsidies expire would probably make healthcare more expensive for millions of people. Nearly all Americans on ACA plans would pay higher premiums, he said. KFF reported that low-income people would see the steepest increase in healthcare costs relative to their income.

Any move by Trump to change ACA policies would need congressional approval. Because insurers have to submit their plan proposals next summer for the 2026 enrollment period, Trump will probably need to decide early in his term whether to extend the enhanced ACA subsidy.

Trump's 2nd term has a cost-cutting agenda

The US government spent $6.75 trillion total in fiscal year 2024, which resulted in a national deficit. At $912 billion, the Department of Treasury reported that healthcare — programs like Medicaid, the Children's Health Insurance Program, the Centers for Disease Control and Prevention, and more — is a top government expenditure behind Social Security. Medicare costs add another $874 billion. If the enhanced ACA subsidies were to become permanent, the Congressional Budget Office and Joint Committee on Taxation estimate that it would cost $335 billion over the next 10 years.

Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy were tapped by Trump to co-lead a new Department of Government Efficiency. The pair plans to propose cuts for the government's most costly programs, but it's not yet clear if that will include healthcare programs.

Trump's nominees for the top healthcare positions are Robert F. Kennedy Jr. leading the Department of Health and Human Services and Dr. Mehmet Oz leading the Centers for Medicare and Medicaid Services. Neither Kennedy nor Oz has outlined a specific plan for affordable healthcare in 2025, and neither responded to a request for comment.

In an opinion piece published in 2020 on Forbes, Oz said he supports a universal healthcare plan, but the stance is likely to be at odds with the Trump administration's cost-cutting agenda.

Are you doing anything to prepare your finances or healthcare plan for Trump's second term? If so, please reach out to this reporter at [email protected].

Correction: December 2, 2024 — An earlier version of this story misstated who is eligible for the enhanced Affordable Care Act subsidies. The subsidies apply mostly to people who purchase health insurance on the Affordable Care Act marketplaces. Some Medicare recipients are also eligible, but not Medicaid recipients.

• Pamela Shields, 67, unretired to supplement her Social Security income with part-time jobs.
• Many older Americans say monthly Social Security checks aren't enough to pay their bills.
• An analysis found that about 13% of retired baby boomers on LinkedIn returned to work in 2023.

Pamela Shields is one of many older Americans who "unretired" because she couldn't live solely off her Social Security checks.

The 67-year-old splits her time between caring for older neighbors and working the night shift at her local grocery store. It can be exhausting, but she feels like it's her only option to pay the bills.

"I really want to be retired and not have to do all this stuff to make a living," Shields told Business Insider. "But I don't see myself doing that."

Shields lives in Fort Worth, Texas, on her $1,470 monthly Social Security payments. She supplements that income with the roughly $600 she earns each month from her grocery and caregiving jobs. Between them, she often works seven days a week.

Shields hoped she'd be done working at this point in her life. She had a long career in customer service and human resources, and she built a 401(k) account with some retirement savings. But after two divorces and unexpected medical expenses, she's doing her best to keep her family and herself financially afloat.

Shields' experience underscores a larger American retirement crisis. Business Insider talked with more than 50 baby boomers who primarily rely on their monthly Social Security checks to get by, and many said that wasn't enough to cover essentials. One in five adults 50 and over surveyed by AARP and the University of Chicago's NORC research firm in January said they didn't have retirement savings. Those who do have savings worry they'll outlive what's in the bank.

With financial woes in their golden years, some older Americans have returned to work. LinkedIn's Economic Graph said it found that about 13% of baby boomers on the platform returned to the workforce, or "unretired," in 2023, a five-year high.

We want to hear from you. Are you an older American with any life regrets you'd be comfortable sharing with a reporter? Please fill out this quick form.

Social Security isn't enough for some to live on

Shields wanted to work until she was 67 but ended up retiring at 59 after injuries from a car accident prevented her from working.

She unretired when she realized her monthly Social Security payments wouldn't be enough to support herself or her family. Medical bills and delays in receiving her disability payments also led her to drain her 401(k).

Shields said she sometimes has to sit down during her shifts at the grocery store "because my feet hurt so bad."

Working two part-time jobs is how Shields can put food on the table. She's been a single mom for over a decade, and while her three children are adults, Shields said she still provides them with some financial support. One of her daughters lives with her because of health issues.

Shields shoulders many of her family's expenses on her own. She said that Medicare covered most of her healthcare needs but that housing costs, utility payments, and cellphone bills stretch her tight budget. She also chips in on her grandson's marching-band fees and helps with one of her children's grocery bills when she's able. "I try to help as much as I can," she said.

Shields isn't sure when she'll be able to fully retire. She said she didn't expect her retirement expenses to be so high and didn't save enough money to offset the unexpected costs of medical care, her divorces, and parenting. She advises others to learn about finances early in life and give their children a strong financial education.

"Life has dealt this hand to me," she said. "I'm not really happy about it, but I'm doing the best I can."

Have you had to return to work after retirement? Are you comfortable sharing your experience with a reporter? If so, reach out to [email protected].