• More than 3,300 older Americans have shared their financial and other regrets with Business Insider.
• Some older adults said tight budgets and a lack of savings were contributing to loneliness.
• This is part of an ongoing series about older Americans' regrets.

Taffi Ozenne has a few simple and inexpensive joys in her life.

When she feels lonely, she counts them: a hot-fudge sundae at McDonald's ($3.79), a walk with her dogs (free), and the first puff of her cigarette ($9.63 for a pack) on a sunny afternoon in northern California. The 68-year-old repeats the list over and over.

"In those moments where I'm wishing I had a friend that I could do something with, I just gravitate toward my dogs and say, oh, I got two friends right here — let's go for a walk," she said.

Since mid-September, more than 3,300 older Americans like Ozenne have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Loneliness is a common theme.

Some said they regretted not saving more, as a lack of money makes it difficult to maintain a social life. Many said they struggled to ask friends and family for help, further isolating them from loved ones. For an older generation already facing a loneliness crisis, money woes are making it worse. This story is part of an ongoing series.

With no retirement savings, Ozenne is trying to get by on her $1,739 monthly Social Security payments and the money she cobbles together through part-time jobs at a law firm and a bowling alley. She said her schedule feels nonstop but she needs the work so that her total monthly income is slightly above $3,000, enough to cover her bills.

Ozenne said that her budget didn't allow her to travel or go out with friends and that she felt increasingly isolated. She said she regretted not saving enough to support herself in her 60s or 70s and worries she'll have no one to care for her as she ages.

"It's mentally exhausting," she said, adding, "I don't want to be a burden to anyone."

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.

Limited retirement savings take a social toll

In a survey of US adults commissioned by Cigna and conducted by Morning Consult in late 2021, 63% of respondents who earned less than $50,000 a year and 41% of respondents over 66 said they felt consistently lonely.

Having limited income can erode social connections for older adults. Social Security checks aren't enough to cover many retirees' bills, and some don't have enough of a nest egg to afford a night out, holiday gifts, or gas to visit family members. Meanwhile, the costs of meals, flights, and concert tickets have crept up.

"My 'golden years' are not golden at all: I live alone and have no friends," one respondent in BI's survey wrote. Another wrote, "I feel hopeless, I'm lonely, and my health is rapidly getting worse."

Joseph Coughlin, the founder and director of the AgeLab at the Massachusetts Institute of Technology, said that high costs of social activities, housing, and transportation could lead to social challenges for retirees.

"If you do not have the financial resources, you're pretty much constrained where you live," he said. "You may not be able to afford a place that gives you the opportunity for those chance collisions with friends and, frankly, new people."

Susan Harper lives on less than $1,000 in monthly Social Security, plus SNAP benefits, but she has no nest egg or investments. The 66-year-old recently moved from Oregon to Washington, DC, to live with her sister. They're sharing household bills until Harper can secure low-income housing in the area. (Harper is on a waitlist.) Harper said that while she appreciated her sister, she missed her community. She said she often declined invitations from new friends to go to bars or restaurants because of the cost.

Harper said that while she needed to move to receive financial support from her sister, living in a new city had made her lonely.

"It's just a very difficult time, and it's very isolating," she said. "Especially as I get older."

Older adults regret not having a support system as they age

In the University of Michigan's National Poll on Healthy Aging conducted in March, older adults who weren't working, who lived alone, or who had lower household incomes were more likely to report feeling lonely. About 29% of adults 50 to 80 reported feeling isolated from others some of the time or often within the past year.

Coughlin said social isolation could exacerbate the risk of cognitive and physical decline for older adults, which may increase the likelihood that they need assisted care later in life. Genworth Financial, an insurance company, found that the median monthly cost of an assisted living facility in the US was $5,350 in 2023 — a price many older Americans told BI they couldn't afford.

John Keefe, 84, lives alone in Arkansas on his $2,700 monthly Social Security check and limited retirement savings. Keefe lost his son in 2011 and his wife in 2023. He said they were his main support system.

Keefe said he didn't travel much outside his hometown, and he worries about how he'll take care of himself when he can no longer drive to appointments or the grocery store. He said he wished that he and his wife had built a stronger financial cushion.

"I've outlived everybody," he said, adding that it was especially challenging to make connections as a widowed retiree.

Though there's no one-size-fits-all fix for loneliness, Coughlin offered a few suggestions. He said prospective retirees should think about "longevity planning." In addition to building a nest egg, he said, arranging the social aspects of retirement earlier in life — such as living near friends and family and developing hobbies — could reduce the risk of loneliness later and help people budget.

"Yes, it's about how much money you've saved — but it's also about all those other little things that make you smile and contribute to quality of life," he said. "That has to be planned as much as your 401(k) or whether you had your annual checkup."

Government and local assistance can also be a source of relief for older Americans struggling with finances and loneliness. The National Council on Aging estimates that 9 million older adults who are eligible for SNAP benefits don't receive them, and many forgo aid like Medicare Savings Programs designed to help pay for healthcare and other expenses. Many local senior centers offer free or low-cost social activities, transportation, and benefits counseling.

Ozenne is taking her life day by day. Because she works several jobs, her income is likely too high to qualify her for many forms of government assistance. So she sits at her kitchen table working on her monthly budget, and she stops by McDonald's for a hot-fudge sundae if she needs a pick-me-up. Her days still feel lonely, but she tries to "put on a brave face," she said. It helps to know she isn't the only one in this position.

"There are a lot of people — we're laying in bed awake at night wondering if we're going to make it through this month and if we're going to have enough money to pay bills," she said. "And if not, we wonder: What can give? What can I do without?"

Noah Sheidlower contributed reporting.

Are you experiencing loneliness because of your finances? Are you open to sharing your story with a reporter? If so, reach out to [email protected].

• Three baby boomer homeowners told BI they want to downsize but can't find suitable options.
• Rising home prices have led to a big increase in their home equity over the years.
• But those rising prices also make it harder to find affordable homes for retirement.

As many baby boomer homeowners look to cash in on their home equity and downsize, some are grappling with a shortage of suitable homes.

Older homeowners are increasingly staying put, as mortgage rates and housing costs remain stubbornly elevated and inventory— particularly of affordable and accessible homes — is scarce. Some simply can't find a suitable home that would leave them with enough cash to retire on, while others simply don't feel downsizing is a savvy financial move with housing and borrowing costs so high.

Kim Cayes is one of those boomers who feel stuck. The 67-year-old always banked on selling her four-bedroom house in Parsippany, New Jersey, to help support herself in retirement.

"My plan had kind of been: save everything I can, and then when I retire, move someplace cheap and use the equity in my house to buy a house in cash to reduce my costs," she told Business Insider.

Cayes bought her home for $245,000 in 2000 after her divorce. She added a major addition and has since benefited from New Jersey's soaring home prices — the house was recently appraised at nearly $700,000, according to documents reviewed by Business Insider.

But Cayes, now semi-retired from corporate communications, is no longer interested in leaving northern Jersey for a cheaper part of the country. Two of her three adult children live with her, and she doesn't want to leave her community.

"I would hate to move somewhere and leave one of my kids behind because, not being married, my kids are all I've got," she said. "Especially as you get older, you need a network of people."

Cayes is looking for a single-story home in the $400,000 to $450,000 range. But she hasn't had any luck finding something suitable. She says the homes she's looked at would need a lot of work and aren't in familiar neighborhoods.

"Thinking I'm going to spend the final years of my life in a worse situation than I've ever been in — that's just so depressing," Cayes said. "Especially when my friends are all traveling around the world with their spouses and constantly posting on Facebook which countries they're in."

'A lateral financial move'

Some boomers who can afford to stay in their homes don't want to endure the costs and possible stress associated with downsizing. Even those who are still paying off their homes often have much lower mortgage interest rates than what they could get on the market today, hovering around 6.5%. And leaving a familiar home and neighborhood can be emotionally taxing.

Dorothy Lipovenko, 71, and her husband love the single-family home in a well-connected neighborhood of Montreal where they've lived for nearly 25 years. But the options to downsize in their area seem limited to pricey new condos and old homes that need major repairs. Lipovenko doesn't want to live in a modern condo without green space, but she also doesn't want to take on a home renovation project.

"It becomes a lateral financial move, and that is what has us saying 'no,'" she said. "Downsizing is a huge undertaking, physically and emotionally, and a one-for-one trade makes no sense."

Ideally, Lipovenko and her husband would move to a smaller, single-floor house — she dreams of a Levittown-style suburban starter home, she said.

"It's not just giving up possessions and going into a smaller space; it's shrinking a lot of things to fit a new mindset," she said. "I just can't see my husband and I spending the last decades of our life in a little apartment."

'I'm lucky I have this house'

Andrea S., 60, already lives in a single-story starter home in Sherman Oaks, California, that's well-suited for a retiree. But Andrea, who requested partial anonymity to protect her privacy, isn't sure she can afford to stay in it.

The former agent and producer bought her two-bedroom bungalow with her ex-partner in 1994 for $245,000. She's lived in the home ever since, hasn't made any major improvements, and has a housemate to split the bills with. The Zillow estimate, reviewed by Business Insider, found the house is now worth about $1.3 million.

"I'm lucky I have this house," she told Business Insider. "I just hate the fact that the house is pretty much my pension fund."

Andrea's income is lower than she expected it to be at this point in her life — she's struggled to work since suffering from a head injury in a car crash in 2021. Meanwhile, the pandemic and Hollywood writers' strike killed off some of her projects, she said. At the same time, maintenance and repair costs for her nearly 75-year-old house are daunting: the HVAC system needs to be replaced, and the pool and large yard are expensive and energy-intensive to maintain.

"If I can't get a job that covers me enough to cover my bills, then I have to think about do I sell the house," she said.

But she's concerned that she won't be able to find an affordable home in a neighborhood as pleasant and walkable as hers, especially on a budget that makes sense. After her crash, she gave up driving and wants to keep living in a place with bus access and grocery stores within walking distance. Plus, she's concerned about the capital gains tax she'll need to pay if she sells the home.

"I'm realizing now, at age 60, all the things that you become very vulnerable to, especially when you're a woman and you don't have a life partner," she said.

Andrea and her friends joke about their dream of retiring together in the British seaside town of Port Isaac — the idyllic setting for the early-2000s TV show "Doc Martin."

"You get some nice little cottage in town. They don't have big yards. And you walk out your door, and you see the lovely English coastline," she said. "That sounds good to me."

Are you struggling to downsize or find a suitable home to retire in? Are you otherwise affected by the cost of retirement housing? Reach out to this reporter at [email protected].

• 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.

• Dual citizen Michael Stiege was raised in Canada but spent many years working in the US.
• The darkness and cold climate of Canada pushed him to sunny California.
• For Americans thinking they can simply move up north, it's not that easy, he said.

This as-told-to essay is based on a conversation with Michael Stiege, 75, a dual citizen of the US and Canada. Stiege was raised in Canada and spent roughly 30 years working in California before moving back to Canada 15 years ago. He soon plans to split his time between the US and Canada. The conversation was edited for length and clarity.

Because I'm a dual citizen of America and Canada, traveling between the two countries is virtually a non-issue.

If you're an American coming to Canada, you can travel visa-free. Still, if you're planning to move here and be able to work here, that's another story.

You can visit for six months as long as you leave before the end of the six-month period. You can do that back and forth all the time — but you won't get access to the social system and healthcare.

My friends, who used to live in Chicago, moved to California and said, "We're going to move up to Canada when we retire," but they couldn't get a visa.

This fellow's a Ph.D. and a really smart technical guy — and his wife is pretty bright, too. They couldn't get a visa because they were simply too old. Once you're — let's say 50 — the immigration system disadvantages you. They have a merit-based point system and start worrying about things like age. That's the thinking. Once you reach a certain age, or if you don't have certain other legs up, the criteria by which you can get a working visa is stacked against you.

[In Canada's Comprehensive Ranking System (CRS) — which rates potential immigrants based on age, language fluency, education, professional expertise, and if you have a Canadian partner — applicants 45 years old or older receive 0 points.]

Whereas if you're a young guy just out of college, you have some reasonable skills, and you even know a few words of French, you probably wouldn't have a problem.

There are ways around it, but if the expectation is, "I'm just going to go up there and apply for a visa and get a visa," it may not happen like that.

I needed a change from the cold and long nights in Canada

I was born in Stuttgart, Germany. When my parents and I moved to Canada, I was about 3 and written into my parents' passports.

They got their visas and eventually became naturalized Canadians, which was bestowed on me. So, for all practical purposes, I'm a Canadian.

I grew up in Toronto, went to school in Toronto, and it wasn't until the early side of my career that I moved out into western Canada to Calgary and British Columbia.

I have an engineering degree and an MBA — which, at that time, was a pretty good combination to earn a job and make a living. I looked at the available jobs in the market and thought, "Go to Silicon Valley, where your skills will be valued the most."

I applied to a couple of things and got a call one day. It said, "Are you interested in coming down?" I said yeah, and there I was.

I needed warmer weather, and I was able to get rid of Canada's long winter nights. The summers in Canada were great — you could golf at 11 p.m. — but the winters were awful.

Seasonal affective disorder really got to me. It's not so much the cold as the long winter nights. It's dark. My wife says I had started hibernating, so I wanted to leave that behind.

I rented in the US and bought a home in Canada

When I moved to the US, I found that if I pushed myself, I could've bought a house, but I kept holding off. I found it easy to rent — it was affordable. I could get by without any problem. What I didn't put into a mortgage, I put into stocks and stuff like that.

I lived there for almost 30 years in two or three residences. I paid about $3,200 monthly in Los Altos Hills, California, right by Stanford University.

I came close to buying a couple of times, but the property tax burden in California is significantly higher than what you would find in Canada.

If you buy a house in California for $3 million, you're looking at $40,000 yearly in property taxes. [Zillow estimates a $3 million home in Santa Clara County would cost $36,300 annually in property taxes.] I could go on a trip for six months on that.

If I did the same thing in Toronto, I might spend between $6,000 and $8,000 — and that's a big difference. [According to the city of Toronto, a $3 million home costs $21,459 in city, education, and building fund taxes.]

I moved back to Canada about 15 years ago. My father was 96 then, and I said, "Let's go back." My wife is Canadian, and we have family up here. We settled in and bought our house.

We have a summer home up north in the lake country. It's not bad, but it gets cold in the winter.

If I ever move back to the US, my preference is California.

• I left the workforce years ago because I struggled to connect with baby boomers in the workplace.
• As a Gen Xer, I now work with millennials and love it.
• Millennial bosses understand that personal issues come up and work can't always come first.

In my early 40s, I did something revolutionary: I got a full-time job.

I'd been self-employed for over a decade, but the siren song of paid benefits was too strong to ignore. Within hours of starting in my new position, it became clear that I was an anomaly. I was one of only two members of my team over the age of 30, and there was an age gap of 10 to 18 years between me and my other seven coworkers.

Much to my relief, every member of that team was happy to teach me the ins and outs of the new job — including the loads of technology I needed to know. They didn't roll their eyes or make under-their-breath comments about old people and computers. They happily showed me the way.

As a Gen Xer, I have worked closely with millennials for over 15 years and with younger bosses for at least half that time. While they have been burdened with a lot of slander, I love working with millennials. They're collaborative and recognize that in helping their coworkers, they're helping achieve communal goals.

I struggled to work with older generations

I realize that no generation is a monolith, and it can be irresponsible to group people together. But we are all shaped by the events that transpire over our lifetimes, particularly those in the forefront during our formative years. So yeah, we have a lot in common with other people born around the same time.

I felt the rift between generations early on in my career. Honestly, it was the success-at-any-cost attitude of the baby boomers that pushed me out of the traditional workforce.

For example, I had one manager who couldn't understand why I didn't want to apply for a promotion. When I told him I needed all my bandwidth to be present for my children, he openly judged me, which affected my career trajectory.

I learned millennials are different

When they were young, millennials were often described as entitled. They were seen as doted on by hyper-involved parents.

But after working closely with them for years, I know that isn't the case. To me, it seems many millennials believe they can create lives they love.

Every younger boss I've had has encouraged me to stay home when I'm not feeling well, to prioritize my family, and to have fun at work. They recognize that my job is not my life but that while I'm in the building, I should be encouraged to do my best and enjoy myself as much as possible.

I once asked one of my favorite millennial bosses about filling out my timesheet. I'd had to miss work because my dog needed emergency vet care. I asked if I should call it a personal day or use vacation time.

"That was a sick day!" she said. "Anything that impacts your health or wellness counts as sick time."

She was the one who told me that volunteering at my children's school would benefit our team; we were working on creating volunteer opportunities for kids, after all. As far as she was concerned, whatever was going on in my life was relevant to work, and anything that interfered with work was a reason to take time off.

The workplace is about to shift again

It's about time we realize, as a culture, that young people are smart and savvy and have a lot to teach the rest of us.

It's funny to watch the rivalry between millennials and Gen Z play out via social media memes; each generation revels in being the young, cool disruptor and eventually has to reckon with being the old, staid boss who's responsible for keeping the machinery running.

This can lead to bitterness and resignation, or it can result in leaders who remember that life is supposed to be enjoyable and work is just work. I think the millennials are in the latter camp, and I'm happy to keep working for them until Gen Z becomes the boss of everything.

• 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].

When Russ Schmidt was about 12, he was helping out on his family's farm in rural Kansas when his father looked at him and said, "You're not worth anything if you're not working."

Those words fixed themselves in Schmidt's brain. Decades later — at age 66 — they still have a hold on him.

"I was, I am, a really good employee," he says. Through his two careers in San Francisco, first as an administrator and then as a nurse for 20-odd years, he often did more than what his job required. "I see something that needs to be done, I do it," he says. He rarely took time off, so before he could officially retire in February 2023, he had to use the four months of vacation time he had accrued.

The change of pace of retirement was rough. His life became a cycle of alternating between bed and couch, eating and watching Netflix. He told himself he needed rest and recuperation — "but at some point," he says, "I realized this is settling into depression." After six months, Schmidt found a job working at a sexual-health clinic for two days a week.

When we think of retirement, we often think of endless leisure and zero responsibility. You might imagine yourself relaxing poolside with a book, strolling through a golf course, or binge-watching TV shows. In fact, many retirees live like this. The 2023 American Time Use Survey found that adults between 65 and 74 spent, on average, almost seven hours a day on leisure and sports, with four of those hours spent watching TV. Adults 25 to 54, on the other hand, averaged about four hours of leisure time and about two hours watching TV.

Spending your twilight years lying around might sound ideal — after all, everyone deserves a chance to relax after decades of working. But research suggests a life of pure leisure doesn't make you happier or healthier. About a third of American adults have said they struggled in transitioning to a life without work, and sedentary lifestyles are associated with earlier death. People are living about 15 years longer than they did a hundred years ago, which means we have many more years to spend in retirement. While there's much hand-wringing over how to save up enough money to enjoy those work-free years, much less discussed is how we should spend those years. More and more research is finding that both physical and social activity are crucial for well-being in old age — they keep people happier and living longer.

But that's not what most people are doing. Americans are doing retirement all wrong.

The concept of retirement as we know it came from German Chancellor Otto von Bismarck, who in 1889 designed a social insurance program compelling the government to care for people who couldn't work because of age or disability. When Social Security was established in the US in 1935, the retirement age was set at 65, though the average life expectancy was about 60 years. The norm was for people to work until they could not work anymore. Today the average life expectancy is about 77, and the age you can start receiving full Social Security benefits is either 66 or 67, depending on when you were born. We're working longer and living longer.

That has created two problems: People need to figure out how to pay for a longer retirement and how to spend their time. Anqi Chen, a senior research economist at the Center for Retirement Research at Boston College, says people are addressing both by simply working longer. Researchers, she says, have seen more people claim Social Security while they're still earning an income — something that used to be typical only of retirees. Of Americans 65 and older, nearly 11 million, or about 19%, are employed, and that number is projected to rise to nearly 15 million by 2032. Twenty years ago, just under 5 million Americans over 65 were employed.

Schmidt straddles these scenarios. Before retirement, he changed jobs too often to properly build up a pension — something he didn't realize until it was too late. Now finances are tight. "In that sense, retirement has been a letdown and a struggle," he says. He and his husband, who hasn't yet retired, have watched their savings dip even as Schmidt contributes through his part-time work.

Dee Cascio, a counselor and retirement coach in Sterling, Virginia, says the growing urge to work in retirement points to a larger issue: Work fulfills a lot of needs that people don't know how to get elsewhere, including relationships, learning, identity, direction, stability, and a sense of order. The structure that work provides is hard to move away from, says Cascio, who is 78 and still practicing. "People think that this transition is a piece of cake, and it's not," she says. "It can feel like jumping off a cliff."

In an online survey conducted early this year by Mass Mutual, a majority of retirees said they'd become less stressed and more relaxed upon retirement, but as many as a third reported that they'd become unhappier. Research from the Health and Retirement Study from the University of Michigan suggests that some of the negative effects people can experience in retirement are tied to lifestyle changes such as being less active and social in the absence of work.

For some, the solution is to never give up work. Schmidt feels that even if there had been no need for him to make money after retiring, he still would've sought out a part-time job. With it, "I don't feel useless," he says. "I do work that feels like I'm really giving something to the community."

But returning to your old line of work is hardly the only way to stay emotionally and intellectually fulfilled in retirement.

The idea that our personal worth is determined by how hard we work and how much money we make is deeply embedded in US work culture. This "Protestant work ethic" puts the responsibility of attaining a good quality of life and well-being on the worker — if you don't have the time or resources for leisure, it's because you haven't earned it. Or as Schmidt's father put it, "You're not worth anything if you're not working." This pernicious way of thinking prevents people from seeing purpose or value in life that doesn't involve working for a paycheck.

Meanwhile, more and more research suggests that a sense of purpose is a vital factor for health and happiness, especially in older age. "Higher purpose in life is associated with reduced risk of heart attacks and strokes," says Eric Kim, an assistant professor of psychology at the University of British Columbia. For adults older than 50, it's also associated with better grip strength and faster walking speed, better overall health, healthier habits, less loneliness, and a lower risk of depression.

So what does purpose outside a career look like? Paul Draper thinks he's figured it out.

In August 2023, six months before he was set to retire from his job as an enterprise-software product manager, Draper, now 68, made a plan. He liked his job and felt satisfied leaving it behind, but he recognized he still had a lot of energy and wanted to learn new things and meet new people. He was already involved in volunteering — doing prison ministry and working with soup kitchens — but more than that, "I was interested in doing things that I didn't know anything about," he says.

Draper's first thought was to work at a hardware store. He was somewhat handy but wanted to learn more about home repair. So he did. He got a part-time job at his local big-box hardware store handling doors, windows, and staircases. "That was great," he says, "because all of a sudden I had to learn a lot" to be able to answer customers' questions and solve their problems.

The job was never meant to be a forever thing. After 10 months, it began to feel more monotonous and less like a learning opportunity, so Draper decided to move on. He plans to replicate that experience and pursue other areas of work he's fascinated by. "There's a company in my area that builds continuous transmissions for bicycles and e-bikes," he says. "I just want to intern there." His dream role, however, is to lead city tours on Segways.

Since Draper isn't worried about needing an income, he can focus on learning. "There are a million fun things to do, but 99% of them are unsustainable to do as a career," he says. He views retirement as his opportunity to experiment with that 99% without worrying about achievement, a career, and the general hustle. Plus, he says it's been fairly easy to find these gigs. "I have found that there's a lot of employers that love retirees," he says. "One, because they're good with people. Two, because they're very reliable for the time that they have them, and they're calm, and they work well with other employees."

Cascio has found that when helping clients bring purpose back into their lives in retirement, it can help to think about the "six arenas of life": work, relationships, leisure, personal growth, finances, and health. A lot of people have drawn their sense of purpose or identity from work, and they might want to continue doing so through jobs or volunteering in retirement, she says. But any of these arenas can be a source of purpose. "If you haven't attended to your health and that's something you want to improve in retirement, that can become a purpose," she says.

Some activities can provide purpose in several of those areas. Draper's various odd jobs mean that he's more physically active than he would be if he stayed at home, and he's constantly meeting new people. "I've heard of people's circles closing up, but I'm finding I interact with more people, and on a regular basis," he says. Both greater social interaction and increased physical activity are associated with happier and healthier aging.

Kim says retirees who aren't exercising, socializing, or pursuing a sense of purpose may have self-limiting beliefs and pessimistic views of aging. "I've met people who will say, 'I'm X years old, and people who are this age don't really exercise anymore,'" regardless of whether their bodies are capable, he says. Sometimes older adults have to first overcome the idea that because they are older they are limited. A well-known 2002 study — and much follow-up research — found that people with more positive views of aging lived longer than those with more negative views. Kim says it can be tough to surmount those limiting beliefs, especially in a society where aging is seen as something to be avoided. In reality, there's no expiration date for finding new sources of fulfillment.

Of course, some people are perfectly happy with a leisure-filled retirement. "If you're only golfing and watching TV and you don't feel like there's anything missing in your life, you're completely happy, then I wouldn't go and say there is a psychological reason why you need to go and volunteer for a cause you care about," says Yochai Shavit, the director of research at the Stanford Center on Longevity. If you live a life of leisure but are still bored, or if you're ignoring a sense of discontentment, that's when the trouble starts. "The risk I see is that people brush aside those feelings," he says.

There's no "one size fits all" formula to retirement, but experts like Shavit hope that more people approach retirement with the understanding that they still have the ability — and often the time — to find meaning and fulfillment. Don't fall into the trap of thinking that "boredom is a 'natural' part of retirement and having aches, both internally and physically, is just a part of growing old," Shavit says. They're not, and they don't have to be.

Hannah Seo is a Korean-Canadian journalist based in Brooklyn, New York, who writes about health, climate, and social science.

• In 2017, three older women built and moved into a compound near San Antonio.
• Its residents are two sisters and their longtime friend, who liken themselves to the Golden Girls.
• They share meals, split bills, and — most importantly — care for one another as they age.

After Christina Guerra and her sister Michelle Douthitt lost their husbands within months of each other in 2012, they decided to turn their grief into an opportunity for a fresh start.

Together with their longtime friend Muriel Lanford, the women chose an unconventional path: They sold their homes and used the money they made to purchase five acres of land in Fair Oaks Ranch, a small town just 30 minutes north of San Antonio, for $175,000. Their goal was to build a compound where they could grow old together.

"A lot of people gave us strange looks when we talked about our plan," Guerra, a 68-year-old retired agent with the Texas Alcoholic Beverage Commission, told Business Insider. "I guess they thought we would implode."

But despite the doubters, the trio — who liken themselves to the strong-willed, sharp-witted women of the iconic television series "The Golden Girls" — forged ahead with their plans.

They enlisted Felix Ziga, the owner of San Antonio-based Ziga Architecture Studio, to bring the vision to life. Ziga teamed up with his friend Jimmy Sikkink, owner of Triple R Custom Homes, to design and build their one-of-a-kind compound.

In 2017, the trio moved into their compound, which they call Tierra de Dios, or "Land of God." The compound includes a 2,378-square-foot main house, which has a private wing for each sister, and a separate 1,902-square-foot home for Lanford.

The project cost about $1.2 million, including the land purchase, which the women split equally.

However, for these friends — who share meals and split utility bills — the sense of security and community they've gained is truly priceless.

"I used to work in the ER, and we saw countless elderly patients who had fallen at home, only to be found days later because their children couldn't check in. I remember thinking, 'Oh my gosh, I hope that's not going to be me,'" Lanford, a 68-year-old retired nurse, said. "Now, I have peace of mind. If someone doesn't hear from me for a couple of days, I know they'll be asking, 'Are you OK?'"

Take a look inside the compound and read on to see how they make their experiment in communal living work.

The three women took out a mortgage together and used it to build the compound.

Instead of forming an LLC or corporation, the three women opted for a general partnership, making them equal co-owners of the compound.

One of their biggest challenges was convincing the bank to approve a loan with all three names on it.

"You'd think it would be straightforward, but the bankers were confused," Guerra said. "They couldn't wrap their heads around the idea that it was three people, not a couple or an individual."

In the end, the women secured a mortgage for the home. To protect their individual investments, each has a will that outlines how their share of the property will be distributed in the event of their passing.

The women sold their homes to buy land and finance the compound's construction.

Each woman earned at least $200,000 selling their Texas homes, and they used the proceeds to equally split the $175,000 cost of the lot.

The property, formerly a dairy farm, sits in a floodplain, which gave them leverage to negotiate down the original asking price of $195,000.

The trio hired a local architect who understood their vision for communal yet independent living.

The women were committed to supporting a local business owner when selecting an architect and homebuilder for their project.

"We didn't mind paying a little extra if it meant working with a high-quality small business rather than a big-box company," Guerra said.

The Tierra de Dios compound was Ziga's first project of its kind.

Though Ziga had never taken on a project like this before, he had read about communal living and aging in place.

Ziga's wife, Adriana, an interior designer with the studio, said the entire process was an exciting adventure.

The entire project took 12 months to complete, including permitting.

Having so many stakeholders involved meant carefully weighing the pros and cons of each decision and coming to a consensus, Ziga said.

"They had their own meetings, separate from ours, to get on the same page about what they wanted. Then we'd incorporate their decisions into the design," he said.

Ziga likened the process to designing for institutions like churches, where there's often a building committee and multiple voices to consider.

Ziga designed spacious, custom homes tailored to the women's needs.

The total gross square footage of the compound, including garages, porches, and patios, is about 7,954 square feet.

That includes a 12-foot observation tower, which offers stunning views of the area's lush woodland.

Ziga integrated the natural landscape of the property into his design.

Considering the land's natural topography, Ziga positioned the far end of the guest-house home, where Lanford lives, on a nine-foot foundation.

"This served a triple purpose of keeping the finished floor elevation outside the floodplain, keeping everything on one level, and giving Muriel the treehouse vibe she was going for," he said.

The women live in separate sections of the compound.

The main house features an open living, dining, and kitchen area, along with three bedrooms and three bathrooms — one for each sister and a guest room that can be used for caregivers in the future.

Each of the sister's bedrooms has a private patio. The house also has a small front porch, a large rear porch, a laundry room, a mudroom, a craft room, and a two-car garage.

The guest house has two bedrooms, two bathrooms, and an open-plan living, dining, and kitchen space. Lanford wanted an open loft concept, with her bedroom, bathroom, office, and workout area all in one large space.

This part of the compound also has a small front porch, a large rear porch, a laundry room, a mudroom, and a two-car garage.

Each of the women had specific requirements for her individual space.

Lanford, a nature lover, wanted her part of the compound filled with windows so that she could easily connect with the outdoors.

In contrast, Guerra, who is sensitive to light, requested a meditation room and a bedroom with a sliding door outfitted with blackout shades for nighttime.

Meanwhile, Douthitt asked for a doggie door so her pup could come and go freely.

"I think the trickiest part was coordinating the wants and needs of all three of them," Ziga said. "In a traditional custom home with a husband and wife, one person usually defers to the other. But with this project, there were three people to consider."

Each woman's wing also has some of the same features.

Accessibility was a key design theme for the compound, as the women intend to age in place.

The home features minimal steps inside and out and a gently graded walkway between the driveway and front door. Both front porches are level with the main floor.

The homes do not have carpet, and light switches are lower than usual for ease of use. The bedroom closets and the laundry and pantry rooms are spacious enough for wheelchair access.

The bathrooms are also designed with ample space for wheelchairs, and have grab bars and shower benches installed for safe and comfortable bathing.

Communal spaces were just as important to the women as their private ones.

It was crucial for the women to feel connected, but also to have moments of privacy when needed, Ziga said.

"The challenge was creating a design that honored community and personal space," he added.

To achieve this, he designed each bedroom with its own private patio and yard, providing a sense of visual seclusion.

When the women want to come together, they can gather in communal spaces like the "oasis" — an outdoor area of the home where they keep their bird and squirrel feeders — or the shared nature overlook.

The overlook is a two-story outdoor patio located between the two houses.

The large rear porches are connected at the same level, with the first level of the overlook having a covered patio feel and the second level featuring the lookout tower.

The overlook is a favorite spot for the women. There, they enjoy looking for wildlife and watching sunsets and sunrises through the towering oak trees around their home.

Ziga also designed the overlook with accessibility in mind. If mobility becomes a concern as the homeowners age, an exterior lift can be added for easy access to the view.

Each woman plays her own unique role in the home.

Lanford is the master gardener — though Douthitt loves to help — and she's also the handyman of the home, even making minor roof repairs when needed.

"She puts together a maintenance list for everything — like how we maintain our septic tank and soft water system. She handles all of that daily," Douthitt, 62, a volunteer with a human trafficking organization, said.

Lanford also manages the compound's split finances and pays the bills. "I'm a bit of a numbers nerd," she admits.

As the designated bargain hunter, Guerra negotiates and shops around for the best deals for the compound. "I'm the one who argues, debates, and tries to find better prices," she said.

When she's not working with local appraisers to ensure the compound's property taxes don't increase, she occasionally cooks for the women.

The women split the compound's utility and other bills.

Regardless of their individual roles, they split the home's bills evenly.

Each person pays about $30 a month for water, and their electricity bill tops out at $100 per person during the peak months of August and September.

Living with a sibling be difficult, even when you're older.

"I'm the youngest, and living with my oldest sister has had its challenges, but that's family issues," Douthitt said. "The benefits far exceed anything, and I don't feel like it's a sacrifice."

The compound is a designated butterfly sanctuary and a wildlife habitat.

"We are a Monarch butterfly way station," Guerra said. "That wouldn't be the case if we didn't live here, so that's pretty cool."

They also care for other wildlife that visit the compound. Their oasis features bird feeders, squirrel feeders, and tubs of water for the animals.

"Michelle loves to name the creatures that come by to get fed and hydrated, so she knows them all personally," Guerra added.

Guerra, the only one with grandkids, loves having them visit the compound.

"The youngest, who's nine, was especially excited," she said. "He was so proud because he brought four of his best friends for an adventure out here, and they talked about it for days afterward."

The women have enjoyed living together and building a community.

A major factor in the women's decision to pursue communal living was the transformation in their own lives and the changing nature of the neighborhoods they had lived in for decades.

"The old neighborhood I lived in was very close-knit," Lanford, who is divorced, explained. "I had a lot of close friends there, but I was the last person standing. The neighborhood was changing, and what I missed most was my community."

At Tierra de Dios, the women have found the sense of community they were missing, spending time together and supporting each other during times of need.

"It was the ideal situation during COVID," Guerra said. "We cooked together, streamed movies together, and played games together. We didn't really feel the lockdown as much because, for the most part, we enjoyed being here and had each other for company."

• Many Gen Xers are caring for both their children and parents, and it's hurting retirement savings.
• 56% of Gen X investors were financially supporting either their parents or their kids, Nationwide found.
• The financial burden of supporting two groups has some Gen Xers doubting if they'll retire at all.

Steve Mullen, 54, is being pulled three ways.

On the one hand, he and his wife are caregivers for each of their mothers, which has required them to pitch in up to 40 hours of caregiving a week and tens of thousands of dollars over the course of decades. On the other hand, they are still supporting their college-age son, who needs help with housing and $25,000 for tuition every year. All the while, he runs his own PR business, in which making more money is a "constant" concern.

At times, he said, the burden is extraordinary.

"It's incredibly stressful," he told Business Insider, adding that money was always a back-of-mind worry, despite being relatively financially stable. "I just pray we don't go into another one of these periods where my mother's in the hospital."

His situation is becoming increasingly common among Gen Xers — a generation sandwiched between their retiring parents and still-dependent children — and, more frequently, needing to support both groups at once. It is a dilemma that has put Gen X further behind in saving for retirement compared to other groups, financial planning experts told BI.

There are signs that the dual burden of needing to support kids and parents is becoming more common. A 2020 study from the AARP and the National Alliance for Caregiving found that among Gen Xers who are taking care of a parent, around 50% also have a child under the age of 18. A study conducted by Nationwide showed that 56% are financially supporting either their parents or their kids.

Gen Xers in caretaking roles are more likely to show signs of financial strain. Of those who were taking care of a child or a parent, 21% said they had taken out significant amounts of debt, and 20% said they were unable to save for retirement, per the Nationwide study.

According to a separate survey of 35- to 60-year-olds conducted by Carewell, 75% of those taking care of both a parent and a child said they struggled to save for retirement, while 63% said they lived paycheck to paycheck.

Gen Xers speaking with BI said they doubted if they would ever retire, mostly because they were set back by financial obligations related to caregiving.

40% of Gen Xers also expect to work part-time after they retire, a Prudential Financial survey found.

Julie, a woman in her fifties based in Ohio, said she had spent over $100,000 taking care of her mother over the course of 15 years. She has less than $70,000 saved for retirement, well below what's recommended by financial advisors, who say you should have around six times your annual salary saved by the time you hit 50.

"I'm exhausted financially, and, frankly, I didn't consider growing up I'd be the financial rock of my family," she said.

The sandwiched generation

By some measures, Gen Xers are even more ill-prepared for retirement than baby boomers. According to surveys conducted by Prudential Financial, the median retirement savings for 55-year-olds is just under $48,000, with 18% having saved nothing at all as of last year.

Meanwhile, two-thirds of 55-year-olds said they were afraid of outliving their savings. That's the highest level among any age group of Prudential's 2024 survey, with 59% of 65-year-olds saying they worried they would outlive their savings.

Joe Wadford, a Bank of America economist, thinks Gen Xers are uniquely burdened by taking care of their parents and children at the same time, largely because more children are living at home than in previous generations.

Around 57% of men and 55% of women between the ages of 18 and 24 lived at home with their parents in 2022, according to US Census data published this year. That compares to 52% of men and 35% of women in that age range who were living with their parents in 1960.

Satayan Mahajan, the CEO of the financial advisory firm Datalign Advisory, said that caring for parents and children simultaneously was one reason his Gen X clients commonly cited for falling behind in preparing for retirement.

Market crashes during formative times in their career, such as during the early 2000s and the Great Financial Crisis, are another reason why many have less saved up.

"This sandwiched portion of Gen Xers are really in a lot of trouble. I mean, I have to say — and I don't want to sound so negative — but I think they're in a tough spot and they have a bunch of things that hit them pretty hard," Mahajan said.

And the outlook remains uncertain for Gen X. While boomers are estimated to pass on around $80 trillion in wealth, most of that money looks primed to head to millennials, not Gen X, Mahajan said.

"They're kind of in an awkward spot," he added. "And so there's a large swath of Gen Xers who may be in a bit of a lurch."

Uncertainty is also swirling around the availability of government retirement funds. Social Security could be depleted as soon as 2033, according to estimates from the Congressional Budget Office, when most Gen Xers are already retired or in their final decade of work.

Brandon Goldstein, a financial planner at Prudential, said many Gen Xers still have time to catch up on their retirement savings, though he believes many will have to work longer than may want to.

More older Americans are already deciding to postpone their retirement. 19% of adults 65 and over were still employed in 2023, according to a Pew Research analysis.

"For someone to be completely in a spot where they don't need to work again or they feel very comfortable, they're probably going to still have to work a little bit," Goldstein said.

• The red-hot US housing market could cool off slightly in 2025, making it easier to buy a home.
• Expect stable or declining mortgage rates and more housing inventory, according to Redfin.
• However, it's still prohibitively difficult for younger homebuyers to break into the market.

The American dream of home ownership has become increasingly harder to achieve in the last few years. Home prices are elevated, mortgage rates are high, and housing supply is constrained. That's not to mention the growing threat of climate change, which is driving up housing costs such as insurance, HOA fees, and property taxes in high-risk states.

There's both some good and bad news on the horizon for homebuyers, according to housing market experts.

The good news? On the whole, it'll be easier to buy a house in 2025. But the bad news, for younger homebuyers at least, is that's mostly just the case for boomers. Homeownership is actually looking as distant as ever for first-time buyers, especially Gen Z and millennials.

3 reasons it'll be easier to buy a house in 2025

First, housing prices are projected to increase slower than in previous years. Redfin economists Daryl Fairweather and Chen Zhao predict that median US home-sale prices will rise by 4% in 2025. Goldman Sachs has a similar outlook for 2025, predicting that US home prices will increase by 4.4%. That's roughly in line with median wage growth. Considering that US home prices shot up over 40% between March 2020 and January 2024, this sanguine prediction is good news for prospective homebuyers.

Another impediment to homeownership has been high mortgage rates, which have more than doubled in the last few years. The average 30-year fixed mortgage rate has risen from below 3% in 2021 to around 7%.

While a 7% rate is still high historically, it's a sign of improvement from this housing cycle's high of 7.8% in October 2023. And rates could come down further in 2025, according to housing market experts. Redfin expects mortgage rates to stay the same or decrease next year. Realtor.com forecasts mortgage rates to end 2025 at 6.2%.

Lastly, experts predict that new housing inventory will hit the market, bringing relief on the supply side. A Republican sweep in Congress is a positive sign for homebuilders, as the construction industry will benefit from fewer regulations, according to Redfin.

In October before the election, Jeffery Roach, chief economist of LPL Financial, said that an increase in housing starts, or construction of new residential housing units, was a signal for more single-family homes hitting the market over the course of the next few quarters. According to Realtor.com, housing starts for new single-family homes could hit 1.1 million in 2025, a 13.8% increase.

All of these factors could improve the housing market going into 2025. Redfin predicts that home sales will increase anywhere between 2% and 9% next year.

No houses for young homebuyers

But unfortunately, if you're a first-time homebuyer, you're probably out of luck. Redfin doesn't expect the increase in home sales to be driven by young or working-class buyers. It's looking likely that any new housing inventory that hits the market will go toward older Americans first.

"Instead, affordable homes will be snapped up by older buyers who are priced out of higher price tiers," Fairweather and Zhao wrote in a recent report.

Indeed, first-time homebuyers are having unprecedented difficulty in the housing market. It's typically more difficult for first-time buyers to purchase a home because they don't have funds from selling a previous home to use for a down payment and mortgage payments, Redfin said in a June report, but today's housing environment is especially hostile towards young buyers.

Wages simply haven't kept up with the pace of home price increases over the past five years. According to Elijah de la Campa, a Redfin senior economist, the cost of starter homes have increased twice as fast as incomes during that time. Additionally, for Gen Z and millennials, student loans and credit card debt are emerging as roadblocks to homeownership, as it's difficult to qualify for mortgages with a poor credit score and high levels of debt.

As a result, the median age of first-time homebuyers is now 38, according to the National Association of Realtors — an all-time high. That's up from 35 in 2023. First-time homebuyers are also an increasingly smaller proportion of the market, at just 24% in the 12-month period ending in June 2024. The year prior, that proportion was 32%.

Comparatively, boomers have an advantage in the housing market. According to Edward Yardeni, president of financial research firm Yardeni Research, boomers own roughly half of the nation's net worth and homeowner equity, giving them a leg up in the housing market. Now, as boomers age and look to downsize their homes or move elsewhere for retirement, they can take advantage of the home equity they've amassed from years of home ownership.

"Gen Zers, meanwhile, will keep living with family or renting until well into their 30s," wrote Fairweather and Zhao.

• Unmarried women in the US without kids at home have a median wealth surpassing unmarried men.
• The former tend to be baby boomers, who have benefited from stock and real estate booms.
• Some of them told BI about how they are traveling solo and living life to the fullest.

Ruth Schick, 85, considers traveling in retirement her third career.

She began her solo travel in earnest in 2000 after her husband died. She's been to every continent and every state in the US. Her favorite domestic expedition was retracing Lewis and Clark's route. She's been to Antarctica twice.

"Any number of people have said, 'well, why would you want to go there?' But my only piece of advice is, whether it's travel or something else, don't fritter away your life," she said. Before retirement, she worked as a community college counselor and in historical research.

Schick is one member of a group that's doing surprisingly well in the US: women who aren't married and don't have any of their own kids under 18 at home. Those women tend to be older, and any children they may have had are now adults.

Based on a new analysis of 2022 data from the Pew Research Center, this group's median wealth has surpassed that of unmarried men, with or without kids. Their wealth benefited from rising home values, savings, and no husband or young children. As the US approaches a peak in boomer retirements and birth rates decline, their ranks will likely grow.

The chart above shows the median wealth of US households by marital status and the presence or absence of children under 18. In 2022, unmarried women without kids had a median household wealth of $87,200, while unmarried men had a typical net worth of $82,100. Women classified as unmarried were either divorced, widowed, partnered, or have never tied the knot. Pew could not divide unmarried men by parental status because the group with children living with them was so small.

Big nest eggs, empty nests

So why are unmarried women without kids doing better than their unmarried male counterparts? It's all about age, said Richard Fry, a senior researcher at Pew and the author of the analysis.

The former group is 61, on the median, part of the baby boomer generation. Baby boomers, ages 60 to 78, have had the time and good market fortune to accrue valuable assets through big stock and real estate booms in recent decades.

Unmarried men tend to be younger; they're 50-year-old Gen Xers on the median. Plus, men don't live as long as women. As of 2022, women's life expectancy at birth in the US was 80.2 years old; for men, it was 74.8.

"Your wealth is what you've built up, it's what you've accumulated, it's your nest egg," Fry said. "And effectively it takes time for people over their working lives to build a nest egg."

Despite the benefit of time to accrue wealth, Fry said that by some measures, like wages, women are still far behind men.

"But they're not so far behind in terms of building a nest egg. And wealth is important because you don't always want to work; someday, you want to retire." Wealth is an especially important cushion in case of a sudden loss in income or a health emergency. "Wealth is nice to have around because you can maybe tap it to sort of tide you over the bad economic times."

Older single women were more likely to own their homes and have fewer debts than younger single women, Fry said. Both older single men and women had a median of around $200,000 in home equity. Older single women had around $90,000 in their retirement accounts, compared to $125,000 for older single men.

That's not to say that married couples are falling behind or wage gaps don't exist. Men still outearn women and accumulate larger net worths and married Americans are accumulating much more wealth than their single counterparts. But the data does show that these Golden Girls are doing better than one might expect given those facts.

For Patricia Wahlen, 80, a nest egg has meant the ability to travel the world. Wahlen said she didn't have a passport until she was 46 — she was busy working as a professional fundraiser and parenting two kids. After her husband died when she was 61 — she said he'd only want to visit locations with golf courses — she got the travel bug. She's been to 85 countries; she liked visiting Scotland, where her father was from, and she hopes to return to Turkey someday.

"I love the travel. I love reading about the places I'm going to go to and arranging the trips and seeing the world. I just feel so lucky. I've seen most of the world," she said.

Wahlen said she signed up early for a pension fund, inherited some stock when her parents died, and lived frugally throughout her career. When her husband died, she didn't inherit anything from him — instead, she attributed her finances to managing her savings and retirement well.

Beyond her travels, Wahlen is in two book clubs and another social group of seven women.

"I just can't imagine staying home and doing nothing," she said. "My friends are all exactly having lives just like mine."

Women are unhappier than men for most of their lives — until age 85

Many women are still struggling in retirement and living off paltry incomes; women over 65, in particular, are more likely to live in poverty than older men. And many boomers are dealing with their own retirement and savings regrets, such as not saving enough or investing in a nest egg. Business Insider has spoken with several women over the age of 65 who have had to "unretire" or take other measures to make ends meet while surviving off Social Security.

Conversely, research finds people's self-esteem peaks around age 60 and stays high for the next decade, while satisfaction with being single also increases. And other research suggests that while women are unhappier than men for most of their lives, they take the lead on happiness after they hit age 85. On the whole, studies have suggested that single women are happier than their married counterparts.

For some single women over 65, retirement has meant an opportunity to spread their wings. According to internal data provided to BI by Road Scholars, an educational nonprofit travel company that caters to the 50+ crowd, just 29% of women over 65 setting out on adventures through the company in 2014 were solo travelers. By 2024, that rose to 37.4%. In total, over 19,000 women over 65 traveled solo in 2024 through the program.

Schick, who worked as a counselor at a community college for decades, said she and her husband never had a huge amount of income coming in. They were both on education salaries; she had a pension that she contributed to for 22 years. But thanks to those savings and her husband's thoughtful approach to retirement while he was ill, she's been able to fulfill her travel dreams. Her house and car are paid off, and she's prioritizing putting her income toward travel.

"I'm making the most of what I have, and I know that that's the attitude of most people that I know or that I relate to." She said many of the people she knows in a similar position have the same outlook: "Life isn't over just because you're getting older."

Are you an unmarried woman over the age of 65? Contact this reporter at [email protected].

• Baby boomers were hit the hardest by inflation in 2023, driven by rising healthcare costs.
• Healthcare costs outpaced overall inflation, and they make up a greater share of boomers' budgets compared to younger Americans.
• Gen X fared better due to different spending patterns.

Senior discounts might be particularly handy these days for America's retirees and older workers.

In 2023, those 65 and older experienced the highest inflation rates among age groups based on the items they buy, per an analysis from Wells Fargo economists. The analysis found that mounting healthcare costs, which have outpaced broader inflation, particularly weighed on baby boomers, who are aged 60 to 78. Simultaneously, older Americans did not spend as much on things like gas, where costs deflated.

It's not just healthcare that ate away at boomers' wallets. Business Insider analyzed data from the Bureau of Labor Statistics' annual consumer expenditures survey for 2023, and looked at how Americans 65 and older spent on different categories compared to all households.

Across all age groups, health insurance made up around 5% of annual spending in 2023; for Americans over 65, it was just over 9%. That's likely making a big dent in their finances, with health insurance prices rising nearly 7% year-over-year as of October 2024 per detailed consumer price index data from BLS, more than double the broader year-over-year inflation rate that month of 2.6%.

In addition to spending more on health insurance, Americans over 65 disproportionately spent on healthcare itself in 2023; they devoted 13.4% of their annual spending to healthcare, while Americans of all ages allocated just 8% of their spending on the same expenses. They also outspent other Americans on life and other personal insurance.

Other items those age 65 and up spent more of their incomes on than other age groups saw mounting inflation. For instance, older Americans devoted around 0.2% of their spending to postage — a small expense, but one where prices have grown by nearly 11% year-over-year.

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

As boomers aged at home, they also spent a greater chunk of their annual expenditures on maintenance, repairs, insurance, and other expenses. Year-over-year, prices for the repair of household items grew by 5%.

Meanwhile, Gen X households have weathered inflation better than other generations. Wells Fargo's analysis showed that Americans ages 45 to 54 experienced 1.8% inflation year over year, while those 55 to 64 had 1.9% inflation. This is because Gen X, on the whole, spent less of their budgets on items with high price growth like housing and healthcare.

To be sure, a recent Gallup survey of 1,001 adults suggests Americans are doing well in retirement. Gallup found that three in four retirees said they could live comfortably off their savings, compared to less than half of nonretired Americans who expect to have enough for a comfortable retirement.

Still, even wealthier Americans told BI they've been hit hard by inflation.

Over 2,000 older Americans told BI their biggest regrets over the last few months in a voluntary, informal survey. An overwhelming majority said they're worried about their finances. A majority wished they had saved more or invested better for their retirement, as hundreds said they're still working or relying heavily on Social Security to get by.

Hundreds said health conditions, the death of a spouse, and job loss have contributed to less rosy finances. A few dozen said they weren't sure how much to save for retirement and spent too much shortly after retiring, hurting their wallets.

Many said they've cut back on experiences and more expensive purchases to focus on essential goods. Others said they've fallen through the cracks in the nation's social safety net, making too much for government assistance but not enough to feel comfortable.

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

• Jamie Lynch, an operations manager, has noticed key differences in her employees of different ages.
• Gen Z values work-life balance, unlike older generations who prioritize job commitment.
• COVID-19 influenced Gen Z's approach to work, emphasizing health over climbing the ladder.

This as-told-to essay is based on a conversation with Jamie Lynch, a 34-year-old operations manager and content creator in Ontario, Canada. It has been edited for length and clarity.

I've been an operations manager for eight years at various companies, including my latest role at a real-estate media company.

I now also run Simply Jamie, where I create content focused on conversations with my Gen Z employees on social media.

As a manager who has worked with people of all ages, I've noticed differences between employees of different generations.

They aren't necessarily bad, but they're eye-opening differences in how we work. Here are four of the biggest ones I've noticed.

1. To call out or not to call out

For the most part, boomers won't call off work. Instead, they might come to work and say, "My car broke down. I had to borrow my neighbor's car to arrive on time," — but they still made it in.

Millennials can be that way, too. When I worked at a restaurant in high school, my manager still expected me to come to work if I was sick — there wasn't an option or a second thought about not working.

Gen Z, on the other hand, might say, "Well, my car is broken," or "I'm sick, so I can't come in." They don't feel an overwhelming guilt about calling in sick when needed.

I think some of this feeling stems from the COVID-19 pandemic. For three years, we told everyone not to leave their houses if they felt sick, and the younger generation has carried that message into the workplace.

I know some employees in the older generation dislike the younger generation for it, but I respect them, and I wish I had a bit more of their work-life balance.

2. To make small talk or to just not

Boomers and millennials are more known for 'water cooler' talk — or small talk conversations in the office. Before technology took over, that's what everyone did. You'd talk about the weather; we weren't all holding phones to entertain us.

Now, Gen Z doesn't feel the need to have those awkward conversations at work. They've grown up with a new form of distraction that previous generations did not have.

COVID-19 also occurred at a critical juncture in the lives of many members of the younger generation, causing them to miss experiences like proms and face the challenge of attending college from home because they had nothing else. Due to this, they keep to themselves.

I don't blame Gen Z, but older generations judge younger ones for being less social.

3. What they know and what they don't

Gen Z is tech-savvy. I consider myself low-tech and often ask my younger employees for help with my phone. They can also grasp new things quickly.

I've noticed that Gen Z sometimes doesn't know how to do other important things, like writing a check, driving without a GPS, or mailing a letter — that's a big one. To be fair, why would they? It's rare for people to send letters anymore.

Boomers can do these things as they grew up doing them, but technology is often new and harder for them since they spent most of their lives without it. Learning how to sign in and out of apps, for instance, can be a bit more difficult.

4. What they care about

The older generations seem to be more worried about job security. They believe in working hard because that's what you're supposed to do: you go to work and you work.

They're also more willing to deal with difficult bosses. I remember my mom would say, "You just can't let people get to you. All your bosses are going to suck," and that was the widely held belief.

Gen Z, however, has a different mindset. They're not as focused on getting promoted or constantly moving up. They need money and want a job, but they're not necessarily aiming to climb the ladder.

Gen Z also sets stronger boundaries around things like criticism. I don't think it's bad — if your job isn't your whole life and personality, why should you worry about losing it?

Gen Z does seem to care about social issues, like saving the planet. For example, reusable cups are important to them.

Every generation brings something different to the workplace, a whole new set of strengths and weaknesses. Understanding and using them as advantages is the key to harmoniously working together.

Timothy Danikowski was ready to start his adult life. After four years in a small college town and a fifth year back at home thanks to the pandemic, he finally moved to Seattle in 2021. Soon after, Danikowski landed a respectable accounting job, moved into his own apartment, and signed up for his first credit card, which he intended to use only for emergencies.

At first Danikowski kept on top of his balance well enough, but soon his compulsive shopping addiction and desire to see the world broke his discipline. "I built up points to travel," he told me. "But when I travel, I want to go shopping, and that's where the spending gets out of control."

In three years, Danikowski has racked up about $15,000 in debt across three cards, one of which has an interest rate of 28%. He makes his minimum payments each month — a task that has become much harder since he lost his job this year — and tries to resist the urge to keep using the cards, but his balance doesn't budge.

"When it comes to everyday things, I choose comfort over everything else," he said.

Danikowski and many other Gen Zers are rapidly building up credit-card debt. A TransUnion study found that, adjusting for inflation, the average credit-card balance for someone who was 22 to 24 at the end of last year was $2,834, a 26% increase from the average figure for millennials who were the same age a decade ago. The study also suggested that Gen Zers were much more comfortable with credit cards than prior generations were: They were opening more cards, were more likely to fall behind on payments, and were using the cards for more types of purchases. Alev told me Credit Karma data shows Gen Zers are acquiring debt at a faster rate than any other age group. The combination of an increasingly turbulent economy and Gen Zers' desire to make up for lost time via pandemic "revenge spending" has left many members of the generation overly reliant on credit.

"Gen Z really prioritizes fun over finances when it comes to things like eating out, shopping, and travel," says Courtney Alev, a consumer advocate at Credit Karma. "That combined with the fact that they have just had fewer earning years explains why their credit-card debt is growing at a faster rate."

While Gen Zers' overall debt levels are still lower than older generations', young consumers' early reliance on credit cards puts their financial futures at risk. "The financial burdens that Gen Z is facing today can really have long-lasting effects on their lives," Alev says, "including their ability to achieve key milestones, such as delaying big moments like marriage, buying a home, or starting families until they feel more financially secure."

Part of Gen Zers' interest in credit cards is simply the march of technological progress. The digital natives have more payment options than any generation before them, and they've embraced electronic payments and alternative credit methods like digital wallets and buy-now-pay-later apps. Meanwhile, credit-card companies have targeted young people as eager new customers.

There are also some acute financial reasons Gen Zers have been jumping headfirst into the credit pool. Pandemic restrictions, inflation, and high interest rates hit them hard as they were starting their professional careers and getting their financial footing. As young people sought solutions to financial stresses, and as credit-card balances fell, credit-card companies were more than willing to make Gen Zers an offer. The companies made getting credit easier in 2021 and 2022 by allowing people with lower credit scores to access cards for which they previously would have been ineligible. Young people opened credit cards at a faster rate than any other age group during the pandemic.

The temptation to use those cards was strong. Credit Karma found that its Gen Z members' average credit-card debt increased by 3.2% from the first quarter to the second quarter of 2024, while the average debt for millennials, Gen Xers, and baby boomers increased by 2.4%, 2%, and 1.6%. While credit-card balances in the US decreased early in the pandemic, it didn't take long for American consumers to start racking up debt again. Credit-card balances have risen by $396 billion since the first quarter of 2021, a 51% increase.

Some people accumulated credit-card debt in a wave of post-pandemic revenge spending; some were chasing points and rewards. Still others said they racked up big bills because they couldn't afford not to. Regardless of the reasons, it's clear that many Gen Zers are comfortable with their little pieces of plastic.

Danikowski, for example, told me he fell into the credit-card trap after acquiring an American Express gold travel card with a sky-high annual percentage rate. The card let him build up points, which allowed him to continue traveling. "I got so used to this lifestyle I lived for the last three years that it became hard for me to cut back," he says.

Others, like Nico, a 27-year-old advertising strategist, got caught in a post-pandemic spending cycle. After graduating from college in 2020, Nico moved back home with his mom to save money while working remotely. By late 2021, Nico was ready for a change. After he moved to Chicago, he started using his credit card way more. He was struggling to make his $1,100 rent on a $36,000 salary. In addition to paying his bills and making sure he had groceries, Nico was trying to make new friends in the city.

"I couldn't afford to live, but I'm in a new city, and I want to go out and meet people. I called those my fun expenses," he says. "I started putting all of that on my credit card."

Nico kept reaching his credit limit, and the credit-card company kept extending it. Three years later, he has about $20,000 in credit-card debt and a monthly minimum payment of $400, nearly all of which goes toward interest. Landing a higher-paying job has helped him start to get a handle on the debt, he said. He's stopped using the card and tries to make a payment of $700 to $900 each month in hopes of bringing his total down.

Credit proved vital for Emmaline, a 27-year-old web developer in North Carolina, when she had to make ends meet during a career pivot. She racked up $6,000 in credit-card debt while attending a full-time coding boot camp, using the card to to pay for groceries, car maintenance and insurance, and other life expenses. While the card was a lifeline as she tried to set herself up for a successful career, she felt ashamed and worried about her debt, she tells me. For a long time she kept it a secret. This year she finally opened up to family members, who helped her make a plan to pay it down and offered some financial assistance. After spending a few months throwing nearly every penny she had at the debt, Emmaline was able to pay it all off in November.

"I made sure I was only eating beans and leaving myself money for gas," she says. "I let out a tear or two of pure joy and relief when it was finally paid off."

Gen Zers are far from alone in racking up credit-card debt: The total credit-card balance held by US consumers surpassed $1 trillion in 2023. The number of Americans struggling to pay off their loans is also rising. But the particular danger for Gen Zers is becoming so reliant on credit cards so early in their financial lives. Higher debt, Alev says, can lead to lower credit scores that could make it more difficult to pay for things like a house or a car. From March 2022 to February 2024, the percentage of Credit Karma's Gen Z members with subprime credit, meaning a score below 600, rose by 8 points, to 33% from 25%, while the percentage of millennials with subprime credit scores increased by 6 points. Credit Karma said the average Gen Z credit score dropped to 659 in the second quarter from 671 in the first quarter.

William, a 27-year-old emergency medical technician in Colorado, has about $20,000 in credit-card debt, accumulated over 4 ½ years. His first job out of college in 2020 came with a salary of $27,000. Struggling to get by, William primarily used his credit card for necessities like groceries, bills, and car maintenance. But when a health emergency kept him out of work for weeks, his balance snowballed. These days, William makes his minimum payment, but nearly all of it goes to interest. He says he once dreamed of moving abroad and teaching English but has accepted that his credit-card debt keeps him tethered to a reliable source of income stateside.

"I'd like to have a family one day and be able to settle down and raise kids, give them a good life," William says. "But that's not something I can do until I have a better hold on this."

It's not clear that Gen Zers' habits will change anytime soon. The Federal Reserve Bank of New York said in August that younger debt-holders were more likely to be delinquent on their credit-card payments than older ones. Falling behind on these payments has given young people a bleak outlook.

"Credit-card debt is an invisible problem," Emmaline says. "You can't see it. It veils you in shame. It eats you like a parasite."

Alev says there are some steps people can take to try to escape credit debt. First and foremost, she cautions people to stay as far away from high-interest debt as possible. She also advises debt-holders to stop using that credit line and make a plan to pay down the debt, such as transferring the debt to a personal loan at a lower interest rate.

Most important, she says, members of the credit-card generation shouldn't bury their heads in the sand. She recommends people create a spreadsheet listing all their debts along with minimum payments, interest rates, and consolidation options.

When William feels suffocated by his monthly payments and interest rate, he can feel tempted to rack up even more debt. "Someone is always willing to give you another credit card," he says.

Danikowski, meanwhile, said feeling hopeless about his debt was pointless. Though he lost his job this year, he still took trips to Europe and New York.

"I know it's not a good decision," he says. "But at least I've gotten to see the world."

Erin Snodgrass is a senior reporter at Business Insider.

• A study found older couples living apart experienced more mental-health benefits than single people.
• A dating expert said older people tend to be more independent and set in their ways.
• Being open to living apart also widens the dating pool, particularly for older women, she said.

Moving in together is one of the biggest relationship milestones. How well you blend into one unit often precludes other big changes, including getting married or raising kids.

But for older couples, there's another appealing relationship setup: living apart, together — also known as LAT.

A new study found that couples living apart experienced more mental-health benefits than single people. The study examined data gathered on over 15,000 British people between 60 and 85 years old and found that while LAT relationships didn't confer more mental-health benefits than being married, people who exited LAT relationships had fewer negative mental-health consequences than couples who divorced or left a shared home.

Ury, the director of relationship science at Hinge and an on-air expert in Netflix's "The Later Daters," told Business Insider that she's been seeing this trend thrive.

"They're like, 'I have my house set up the way I want. You have your house set up the way you want,'" Ury said. "'Why don't we be in a long-term relationship, but we don't need to live together?'"

It's not just logistical. Ury said living apart, together has a ton of perks — particularly for older daters.

It widens your dating pool

If you're comfortable living in separate homes, it can broaden your dating options. You can manage differences in social lives or hobbies more easily by living independently than by trying to find someone who matches your lifestyle.

Ury said this is appealing to older daters. When you're younger and looking to start a family, "you want someone maybe with the same religion, the same lifestyle, the same education," she said.

But for older daters who aren't looking to raise kids together, ticking off all those boxes is often less important. Living apart allows each person to live in their own world — and that could be a boon for some relationships.

You don't have to compromise as much

LAT gives couples the opportunity to keep living how they want, with the benefit of romantic companionship.

The study's authors concluded older women would likely benefit the most from the arrangement. Women often take on more domestic labor in marriage or cohabitation, so they "may have more to gain than older men from LAT" by having more autonomy, they wrote.

Ury said it makes sense that older women are drawn to LAT. Her research shows older daters typically have a "stronger sense of self" than younger people. She added that older people have reported having more satisfying sex because they know their bodies better and are more capable of asking for what they want.

Knowing yourself also makes it harder to compromise, whether it comes to sharing a bedroom or eating the same meals. "People are stuck in their ways, Ury said. "They're less flexible and they have their ways of doing things."

Ury said younger couples are like startups that grow together, whereas couples are more like mergers. "Mergers are notoriously hard because each one has their own HR department, their own CEO," she said. "It can be hard to blend those things."

• 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].

• Patty Blue Hayes moved to Panama from California to save money as she approached retirement.
• However, she's struggled to find remote roles after losing her main source of income last year.
• She said side hustles like Airbnb, YouTube, and self-publishing have helped her pay the bills.

Patty Blue Hayes, 60, moved to Panama from California to save money as she approached retirement age, but unemployment is thwarting her plans.

Hayes moved from San Luis Obispo, California to El Valle de Anton, Panama, a town in central Panama, in 2019. Hayes thought Spanish — the country's official language — would be fairly easy to learn and chose the country because it used the US dollar and was "much more affordable" than California. An analysis previously shared with BI by the personal finance site GOBankingRates ranked California third in a list of the most expensive states to retire.

Hayes also hoped that living in Panama would make her money go further during her retirement years.

"I was 55 and knew that my income wasn't going to be sufficient as I got older and eventually retired," Hayes told Business Insider.

Hayes is among the Americans who have moved abroad in search of lower costs of living as they approach or enter retirement. As of December 2023, about 650,000 Americans age 65 or older were receiving Social Security benefits abroad, according to the most recently available data from the Social Security Administration. In 2003, that number was roughly 352,000.

When Hayes moved to Panama, she was an independent contractor who offered communication and leadership coaching for a professional training company. But near the end of 2022, she said her client list started to dwindle as her employer scaled back her program and prioritized other forms of coaching. In 2023, after the company was acquired, she said her program was effectively discontinued. Hayes, who has a bachelor's degree in communications, said she's been applying for jobs related to writing coaching, customer or client success, school admissions, and tutoring but hasn't had much luck.

"It really gets so discouraging when I spend so much time on applications and nothing comes of it," she said, adding, "Looking for work has been demoralizing."

Age and demand for remote roles add to job-search struggles

Hayes is also among the people who've struggled to find work over the past year as some companies have scaled back hiring.

She said her only income has come from a guest house she rents in Panama through Airbnb, her YouTube channel where she shares content about her life abroad, some self-published book sales via Amazon, and referral fees tied to leads she gave a real estate broker.

While this income has been helpful, Hayes said it hasn't been sufficient. She said that she's accumulated roughly $13,000 in credit card debt since the middle of 2022.

Hayes said she plans to start taking Social Security when she turns 62, but that she doesn't think it will be enough to live on. She hopes to avoid dipping into her retirement savings until she turns 70.

This is why she's continued to search for jobs. She estimated that she's applied to at least 150 jobs over the past year through Indeed, ZipRecruiter, LinkedIn, and other platforms.

Hayes said her job search has been difficult for several reasons. First, she's only been applying for remote roles, which are in high demand. Additionally, she hasn't applied for a work permit in Panama because she doesn't speak fluent Spanish and believes that would hinder her ability to land a high-paying job.

What's more, she said she doesn't have robust networking connections and only joined LinkedIn in the past year. She also has some concerns that her age is working against her.

Going forward, Hayes said she plans to continue looking for work but is spending more time trying to grow her YouTube channel while self-publishing books, which she hopes can be a source of income if her job search doesn't pan out. She also hopes to find individual clients for her coaching work. While she's uncertain when she'll be able to retire, she said she's optimistic about her financial situation.

"Overall, I feel very fortunate and I'm confident the finances will shift," she said, adding, "I'll just be very relieved when the money flows so I can pay off this credit card."

Has the economy affected the way you view or experience work? If so, reach out to this reporter at [email protected].

• Baby boomer homeowners have benefited from skyrocketing housing prices amid a home shortage.
• But now they're facing a shortage of accessible homes to retire in.
• Many older adults are now stuck in homes they're increasingly struggling to live in and pay for.

Baby boomers have been the big winners in the US housing market, but as the generation retires, its members are facing a new challenge in finding accessible housing.

It's a problem they had a hand in making.

Homeowners in the generation — now between 59 and 78 years old —have seen their home equity surge, particularly over the past decade, as a growing home shortage across the US has pushed home prices sky-high.

But as the generation approaches 80, boomers are beginning to suffer from their own housing woes: a severe shortage of accessible and affordable retirement homes. Compounding the housing issue are the rising costs of healthcare and elder care.

With mortgage rates and housing costs high and inventory scarce, many older people are staying put. Nearly 80% of home-owning baby boomers recently surveyed by Redfin said they're planning to age in their current home. And as of 2022, empty-nest boomers owned twice as many homes with three or more bedrooms as millennials with kids. While some boomers simply don't want to downsize or move, others can't afford it or don't have any feasible options.

"Is it aging in place or is it stuck in place?" said Jennifer Molinsky, the director of Harvard University's Housing an Aging Society Program. "There's a lot of people in the middle, homeowners included, who are stuck."

Molinsky authored a report last year finding that the US didn't have anywhere near enough housing and care services for boomers as they age.

Homeowners who oppose new and denser housing in their neighborhoods are a major reason so many American communities are short on homes. Those who oppose building are disproportionately older homeowners. While boomers didn't create many of these not-in-my-backyard laws that restrict housing construction, in many cases, they've protected such regulations, dominating the attendance at community board meetings and fighting housing projects.

Boomers are struggling to find accessible, affordable homes amid rising costs

As people age, they tend to need more accessible homes with fewer stairs and wider hallways. As they stop driving, many also want to live in more walkable or transit-friendly places to access amenities and combat isolation.

But restrictive land-use laws, including those prohibiting apartment buildings in areas with single-family homes, have made accessible housing options harder to find in many of the communities boomers have called home for decades. Less than 4% of US homes have the three essential factors necessary for those with limited mobility: a single floor, wide hallways and doorways, and no steps to get in, the Harvard report found.

"There's just such a diversity of households that we're not really serving with the traditional single-family house," Molinsky said.

Many older homeowners — particularly the growing number who still have mortgages — are struggling with rising insurance premiums. Nationally, home-insurance premiums rose by an average of 21% from May 2022 to May 2023, Policygenius, an insurance marketplace, found. Insurance companies are increasingly dropping customers and pulling out of entire regions, particularly those hardest hit by climate-related disasters.

The Harvard report noted that places retirees had flocked to in recent decades like South Florida and Arizona also face some of the most severe climate-related impacts, including regular flooding, fires, and extreme heat.

A record number of homeowners 65 and older are cost-burdened, meaning they spend more than 30% of their income on housing and utilities, the report found. This is particularly difficult for those on fixed incomes. As a result, older people are increasingly facing homelessness. Single adults 50 or older are now estimated to account for about half of the US homeless population, up from about 10% three decades ago.

Not all boomers have benefited from the spike in housing prices and home equity. Wealth among boomers is very unevenly distributed, including when it comes to housing. Older renters and homeowners of color tend to have much higher housing costs. Molinsky's report found older Black homeowners had less than half the home equity of older white homeowners.

Molinsky said the shortage of homes appropriate for aging would hurt lower- and middle-income boomers and boomers of color the hardest.

"All of these things become much more pressing over the next few years when baby boomers turn 80," Molinsky said. "There's really no time to waste."

Are you struggling to downsize or find a suitable home to retire in? Are you otherwise affected by the cost of retirement housing? Reach out to this reporter at [email protected].

• 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].