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Yesterday β€” 9 January 2025Main stream

I moved home to Hawaii after 10 years in Oregon. It's paradise, but I'd rather go back to Oregon, where the cost of living is much lower.

9 January 2025 at 02:05
a woman takes a selfie with a beach in the background
Danielle-Ann Kealohilani Rugg.

Courtesy of Danielle-Ann Kealohilani Rugg

  • Danielle-Ann Kealohilani Rugg moved back to Hawaii to care for her family during the pandemic.
  • She balances event work, a tax business, and family life amid Hawaii's high living costs.
  • Despite the challenges, she finds beauty in Hawaii but would return to Oregon for lower living costs.

This as-told-to essay is based on a conversation with Danielle-Ann Kealohilani Rugg, a 39-year-old entrepreneur and event staff professional who relocated from Oregon to Hawaii. It's been edited for length and clarity.

I have an ever-evolving career. I balance my event work with Aloha HP, running a successful tax practice, and caring for my family on Oahu in Hawaii.

My path has been a mix of culinary aspirations, entrepreneurial ventures, and family-driven decisions. I was born and raised on Oahu. In 2005, when my twin daughters were 1, I moved to California, where I lived for six years before settling in Oregon. Oregon became home for most of my children's lives, spanning the last decade.

I've been back on Oahu since the pandemic, and while it's gorgeous, the high cost of living is challenging.

My professional life began with a passion for food

I moved to Oregon after a divorce to help care for my grandparents, and I fell in love with everything about the state. I had always seen the different seasons in movies and TV shows and longed to experience them, and that dream finally came true. The other amazing thing about the state was the absence of sales tax.

I enrolled at Le Cordon Bleu in Portland to pursue my passion for baking and pΓ’tisserie. After completing the two-year associate degree program, I worked in various roles, from baker to cashier to server.

Each position taught me invaluable lessons about customer service, multitasking, and time management, especially when catering large events. It wasn't just about bread and coffee cups but about creating memorable client experiences.

My family always came first. Wanting to be closer to my children, I became a lunch lady at their high school. Surprisingly, this was one of the most fulfilling roles I've had.

I continued my side hustle while in Oregon

I shift gears every February and dive into tax season with my mother. We've been running a tax prep business since my early 20s. We realized the hard work we put in for someone else's business could be channeled into something of our own.

The time zone difference was challenging while I was in Oregon, but we made it work. Depending on our clientele for the year, we make $50,000 to $75,000 annually.

My mother and I get along very well. Our relationship is not perfect, but we've found a good balance between our professional and personal lives.

The only downside I experienced in Oregon was the limited places to swim

The ocean was about an hour and a half away, but the water was always freezing. Although it was beautiful, going to a beach and being unable to jump in dampened the experience.

There were lakes, but they were freezing because all the freshwater came from the mountains. We also had a few facilities we could go to, but that would involve getting a membership, and not all of them were indoors.

When the pandemic hit, my family had to make a change

In 2020, as the world was grappling with the onset of COVID-19, my mother suffered an injury, and she needed help. She lived in Honolulu, and despite the comfortable life my children and I had built in Oregon, I needed to return home.

It wasn't an easy decision, especially during my kids' junior year in high school, but sometimes life demands hard choices. The transition was tough, but ultimately, it was the right move for my mother's well-being. We also moved my grandmother back with us, who has dementia.

Back on Oahu, I found a job with Aloha HP, a Hawaiian staffing company. Aloha HP allowed me to keep up with my business while maintaining an open schedule to care for my family, which was a relief.

I'm primarily involved with event staff work

I do anything from setting up for weddings and banquets to serving guests. These gigs can last four to nine hours.

I average about 80 hours of work a month and earn between $1,350 and $1,900. It's a dynamic way to work, and I enjoy its variety and challenges.

I've learned my self-care cannot be an afterthought. I always carve out two days during my hectic workweek just for myself.

Now that I'm back in Hawaii, the downsides are clear

The cost of living is one of Hawaii's biggest downsides. When I lived in Oregon, my rent for my three-bedroom, two-bath, two-car garage home with a yard was $1,500. Electricity was, on average, $250, and my water bill was around $80. Car registration for both of my cars totaled $275 for two years. Groceries cost us around $500 a month.

Now, my rent, which my family helps with, is $3,550 for a slightly larger home than I had in Oregon. Our electricity is almost three times the amount I paid in Oregon, running on average $660 and up. Water is around $220, and car registration is $445, but only valid for one year.

The grocery stores here also have inflated prices. I may earn more money in Hawaii, but it's offset by the cost of living in Hawaii being much greater than in Oregon.

It's still paradise

Living in paradise is amazing; don't get me wrong. I'm close to my family, the ocean is nearby, the sun almost always shines, and even when it doesn't, the rain is a nice, cool temperature β€” not freezing cold.

Still, if I had to choose between the two places, I would move back to Oregon, only because the cost of living here is so high.

I've realized, though, that Hawaii is and always will be home. Despite the changes in times and technological advancements, living on an island still offers so much beauty. Just being here is a gift in itself.

Even though I once said I'd never move back, life has a way of leading you where you need to be.

Read the original article on Business Insider

Before yesterdayMain stream

Here's what a $100,000 salary actually gets you in 25 Texas cities

7 January 2025 at 07:30
Texas flag in the foreground and buildings in the background

RoschetzkyIstockPhoto/Getty Images

  • Business Insider looked at the purchasing power of a six-figure salary in different Texas cities.
  • We adjusted $100,000 for Texas' 25 metro areas using cost of living data from the Bureau of Economic Analysis.
  • Based on 2023 data, the purchasing power of $100,000 would be $102,438 in the Austin metro area.

One of Texas' big draws for the thousands of Americans who move there each year is its relatively low cost of living.

However, purchasing power isn't the same across Texas metros. If you had $100,000 in Austin, it wouldn't have the same value as in Longview, Corpus Christi, and other places in the state.

To compare people's purchasing power depending on where they are, Business Insider calculated what $100,000 means for each Texas metropolitan statistical area when adjusted by its regional price parity. That gives a sense of how much $100,000 at national average prices would actually buy in those cities based on their local cost of living.

Most of the 25 metros in the state had regional price parities below 100 in 2023, data from the Bureau of Economic Analysis showed. That means their price levels were less than the national average.

"Whether you are considering a job offer in a more expensive city, looking for an affordable place to retire, or are just curious about how price levels compare between different parts of the country, our regional price parities can help," Vipin Arora, the director of the Bureau of Economic Analysis, said in a December post.

Texas has long been an attractive state for movers. Census Bureau data showed Texas had the largest positive net domestic migration β€” or the biggest number of people moving in from elsewhere in the US minus people leaving Texas for another state β€” from July 1, 2023, to June 30, 2024, among states.

Data from the Bureau of Labor Statistics shows that many kinds of healthcare workers make over $100,000 on average in Texas. Ship engineers, postsecondary business teachers, and management analysts are a few of the other jobs that make over $100,000 on average in the Lone Star State.

The Dallas metro area had the highest regional price parity among the 25 Texas metros. Given the regional price parity for Dallas was 103.3 in 2023, that would mean the adjusted value of $100,000 at average national prices equals around $96,800 in that city.

Below is what $100,000 is worth in cities across Texas, ranked from lowest adjusted value to highest. We also included the 2023 regional price parity for each metro in Texas.

25. Dallas-Fort Worth-Arlington
Dallas, Texas
Dallas.

f11photo/Getty Images

Regional price parity: 103.293

$100,000 adjusted by RPP: $96,812

24. Houston-The Woodlands-Sugar Land
Houston, Texas
Houston.

ANDREY DENISYUK/Getty Images

Regional price parity: 100.220

$100,000 adjusted by RPP: $99,780

23. Austin-Round Rock-Georgetown
Texas State Capitol in Austin
Texas State Capitol in Austin.

Duy Do/Getty Images

Regional price parity: 97.620

$100,000 adjusted by RPP: $102,438

22. Midland
Midland, Texas

DenisTangneyJr/Getty Images

Regional price parity: 94.761

$100,000 adjusted by RPP: $105,529

21. San Antonio-New Braunfels
San Antonio, Texas
San Antonio.

Sean Pavone/Getty Images

Regional price parity: 93.727

$100,000 adjusted by RPP: $106,693

20. Tyler
Smith County Courthouse in Tyler, Texas
Smith County Courthouse in Tyler, Texas.

BOB WESTON/Getty Images

Regional price parity: 92.386

$100,000 adjusted by RPP: $108,242

19. Odessa
Odessa, Texas

DenisTangneyJr/Getty Images

Regional price parity: 92.056

$100,000 adjusted by RPP: $108,630

18. Sherman-Denison
Water tower that says Sherman on it

Edward H. Campbell/Shutterstock

Regional price parity: 91.804

$100,000 adjusted by RPP: $108,928

17. Killeen-Temple
Killeen, Texas
Killeen.

Jacob Boomsma/Shutterstock

Regional price parity: 91.761

$100,000 adjusted by RPP: $108,979

16. Corpus Christi
Corpus Christi, Texas

Sean Pavone/Shutterstock

Regional price parity: 91.306

$100,000 adjusted by RPP: $109,522

14 (tie). San Angelo
Eggemeyer's General Store in San Angelo, Texas

Holger Leue/Getty Images

Regional price parity: 90.869

$100,000 adjusted by RPP: $110,049

14 (tie). Lubbock
Lubbock, Texas

DenisTangneyJr/Getty Images

Regional price parity: 90.869

$100,000 adjusted by RPP: $110,049

13. Amarillo
Amarillo, Texas

halbergman/Getty Images

Regional price parity: 90.812

$100,000 adjusted by RPP: $110,118

12. Waco
Waco, Texas

Jacob Boomsma/Shutterstock

Regional price parity: 90.786

$100,000 adjusted by RPP: $110,149

11. College Station-Bryan
College Station, Texas
College Station.

TriciaDaniel/Getty Images

Regional price parity: 90.701

$100,000 adjusted by RPP: $110,252

10. Victoria
Victoria County Courthouse in Victoria, Texas

Tricia Daniel/Shutterstock

Regional price parity: 90.631

$100,000 adjusted by RPP: $110,338

9. El Paso
El Paso, Texas

DenisTangneyJr/Getty Images

Regional price parity: 90.241

$100,000 adjusted by RPP: $110,814

8. Beaumont-Port Arthur
Beaumont, Texas
Beaumont.

halbergman/Getty Images

Regional price parity: 90.238

$100,000 adjusted by RPP: $110,818

7. Abilene
Buildings in Abilene, Texas

Aaron Yoder/Getty Images

Regional price parity: 89.849

$100,000 adjusted by RPP: $111,298

6. Wichita Falls
Buildings in Wichita Falls, Texas

DenisTangneyJr/Getty Images

Regional price parity: 88.914

$100,000 adjusted by RPP: $112,468

5. Longview
Pelaia Plaza in Longview, Texas

Nina Alizada/Shutterstock

Regional price parity: 88.417

$100,000 adjusted by RPP: $113,100

4. Laredo
Laredo, Texas

DenisTangneyJr/Getty Images

Regional price parity: 87.786

$100,000 adjusted by RPP: $113,913

3. McAllen-Edinburg-Mission
McAllen City Hall in Texas

DenisTangneyJr/Getty Images

Regional price parity: 85.555

$100,000 adjusted by RPP: $116,884

2. Texarkana
A sign that shows the state of Texas on the left, Arkansas on the right, says "state line" in the middle of it, and says "Texarkana" above that

K.Woolf/Shutterstock

Regional price parity: 85.308

$100,000 adjusted by RPP: $117,222

1. Brownsville-Harlingen
Buildings in Brownsville, Texas
Brownsville.

DenisTangneyJr/Getty Images

Regional price parity: 85.183

$100,000 adjusted by RPP: $117,394

Read the original article on Business Insider

I'm 67 and can't afford to retire. I'm moving away from my grandchild to work less and enjoy a lower cost of living.

26 December 2024 at 03:12
A grandmother embraces her granddaughter.
The author, not shown, is planning to move away from her family to enjoy a lower cost of living.

FG Trade Latin/Getty Images

  • I'm 67 and am still working 5 days a week. Many of my friends have retired, but I can't afford to.
  • I regret not investing in a pension offered to me earlier in life.
  • Now I'm planning to move away from my grandchild so I can work less and enjoy a lower cost of living.

I am 67 years old and when people ask me if I've retired yet, my knee jerk response is, "No I haven't! What's retirement?"

I am a Psychologist, was formerly a teacher, and have worked and paid taxes all my life. I am well paid for the work that I do. I have paid my mortgage off and have no outstanding debts. In spite of this, I am now faced with the prospect of living on a state pension, which is just not possible, continuing to work or, as I have now decided, selling up and moving 200 miles away from my only granddaughter so I can live in a location where house prices are lower and I can afford to work less.

This wasn't the plan

It didn't start out this way. I once imagined that somehow I would make such a success of my life that I would be able to retire at 50 or younger, enjoying being a lady that lunches, going on cruises, and doing the odd spot of volunteer work. But I didn't actually have a plan.

I started my working life as a teacher, got married at 30 then found myself to be a lone parent when my children were 2 and 5, with no family support. I was not well advised and ended up with the children, the mortgage, no pension, and an ex-husband who tried his best not to pay anything at all.

Around that time I decided I needed a career change, and started to train as a Psychologist, a long and very expensive process. I'm not quite sure how I did it, but I managed to work, study, and raise children β€” all on my own.

I was proud of what I accomplished, but had nothing at all in the way of savings; life was a constant struggle to make ends meet. I still did what I could and at 40 I started to pay Β£100 (about $127 USD) a month into a private pension. Now I know that I was badly advised and if I were to take it, this would only pay me around Β£1,500 (about $1,905 USD) per year β€”nowhere near what I would need to live on.

The thing I never did with my money still haunts me

The obvious question is, why didn't I pay into the teacher's pension offered to me earlier in my career? Why indeed.

Not taking advantage of this is one of my greatest regrets. But when I was in my early 20s we didn't have any financial education. Even the teachers' unions didn't send out advice about pensions. To me, it just seemed like a large monthly outgoing from an already meagre salary, so I opted out and didn't give it another thought. Now I know that money would have made a big difference. Hindsight is a wonderful thing.

I needed to make some tough decisions

I realized around 5 years ago that the only way I could even contemplate retirement would be to downsize and move to a cheaper area in order to have a reasonably substantial nest egg to help me eke out my twilight years. Most of the advice I have read claims that to have a comfortable retirement where I live, one needs a gross annual income of around Β£40,000 (around $50,802 USD). I have calculated that with my state pension, bits and pieces for my writing, and interest on the surplus when I move, to reach that Β£40,000 I will still need to work at least one day a week. Not perfect, but a lot better than the five days I have been working.

With this in mind, I put my house on the market. Then my eldest daughter, who lives nearby, announced that she was pregnant. Fantastic as that was, I could no longer imagine moving away, so I carried on working five days.

I'm now more than a year past the typical retirement age and most of my friends seem to be enjoying a fruitful, active retirement. Meanwhile, I'm becoming more and more exhausted, suffering from frequent low-level infections, and becoming increasingly resentful.

Change is coming

Now, my house is back on the market. I will be moving to Derbyshire, where my younger daughter lives and where house prices are around half of those where I live now.

It will be a massive wrench, especially leaving my granddaughter, but I need to do it while I'm still fit and healthy. I have lived in my current house for 38 years and expected to leave it in a box. I've worked out a solution, although not ideal. I will have enough income to work one day a week, more time to focus on my passions, I'll be able to travel and get involved in the local community and still be able to visit my granddaughter every 6 weeks or so.

My advice to young people now? However distant it seems, don't leave it to chance. Make a retirement plan and start paying as much as you can into a good pension. The years fly by and it will be here before you know it.

Read the original article on Business Insider

I spent a week buying every meal from an app that saves food from being wasted. Despite some letdowns, I was impressed.

23 December 2024 at 01:21
Too Good To Go lets users buy unsold food for a third of the original price.
Too Good To Go lets users buy unsold food for a third of the original price.

Too Good To Go

  • The Too Good To Go app aims to help consumers save money and reduce food waste.
  • I tried it for a week to see how much I could save.
  • I found it was most useful for fresh produce, but the pastries weren't always great.

Everything is expensive right now. It's rare that I ever leave the grocery store having spent less than I wanted to.

I've heard of apps like Too Good To Go, which sell surplus food at a discount, but never gone much further than signing up.

To test it out, I spent a week in early December only buying food from the app. I wanted to see if it was a viable way of saving money, sticking to a budget, and learning to be a bit more flexible with my cooking.

I also want to be more mindful about the groceries I buy and, unfortunately, sometimes waste.

Too Good To Go's CEO, Mette Lykke, told me in a recent interview that the app now operates in 19 countries across North America, Europe, and Australia, and covers 170,000 stores.

Lykke said the company hopes to inspire people "to make that the first step in a journey toward having a more responsible relationship with food."

"If we look at the state of the planet and the climate crisis, then it's pretty clear that something needs to change," Lykke said.

It was fun trying out new places in my city, London. While the pastries I received were hit-and-miss, the fresh produce from local stores was a real highlight.

Monday

Monday was largely spent figuring out the platform. I found that its map feature was the best way to find local cafΓ©s and stores.

I saw that an expensive cafΓ© on my local high street offered pastries, so I opted for that β€” Β£3.90 ($4.95) for a blueberry muffin, chocolate chip cookie, and slice of banana bread.

Three pastries bought with Too Good To Go
Pastries from my first Too Good To Go parcel.

Lindsay Dodgson/Business Insider

After the sugar rush I was still hungry, so I chose a bag of sandwiches and pastries from my local Costa Coffee for Β£3.50 ($4.44).

I got a slightly stale pan au raisin and two sandwiches β€” one seasonal turkey feast, and a BLT which my boyfriend took for lunch the next day.

Too Good To Go sandwiches and pastries
Sandwiches and a pan au raisin.

Lindsay Dodgson/Business Insider

In total, I spent Β£7.40 ($9.39) on items worth at least Β£22.90 ($29.08), so the week was off to a good start.

Tuesday

On Tuesday, I switched things up by trying out fresh produce from a couple of local stores. They offered "surprise bags" of groceries for Β£4 ($5.08) each.

While I was slightly overwhelmed with what to do with it all, it was an absolute hit with my boyfriend, who is always thrilled to be met with a culinary challenge.

One of the bags had Padron peppers, garlic, tomatoes, mushrooms, radishes, and beets. I also received three packets of pita bread, a sourdough baguette, a fruit bar, some buttermilk, and fresh herbs.

The multivitamin patches were a curveball, which I have to admit I didn't try.

Too Good To Go grocery bag
A load of fresh produce from a local grocery store.

Lindsay Dodgson/Business Insider

In the other bag, I got a melon, some Greek yogurt, lettuce, butter, rainbow chard, and sausages.

Too Good To Go grocery bag
More groceries.

Lindsay Dodgson/Business Insider

The sausages went in the freezer, but almost everything else was used to make a pasta sauce, roasted peppers, sauteed mushrooms, buttermilk pancakes, and basil oil. The beets got pickled.

The only thing we ended up having to waste was the watercress, which was already looking past its best.

In total, I spent Β£8 ($10.16) on items worth at least Β£24 ($30.48).

Wednesday

Tuesday's groceries went further than expected, so I bought another pastry bag to satisfy my snackiness during the day.

I'm not convinced the sourdough loaf and pastel de nata (which I squashed) I got for Β£4.09 ($5.19) truly had a full sale value of Β£12 ($15.24), but they were both pretty good.

The server recommended putting the loaf in the freezer and toasting the slices, which was a great tip that lasted me the rest of the week.

Too Good To Go bread and
Bread and (squashed) pastel del nata from a local bakery.

Lindsay Dodgson/Business Insider

Thursday

I knew I was out for dinner with friends on Thursday so I picked up some Starbucks pastries on the way. This was the biggest letdown of the experiment.

Throughout the week, I realized that several cafΓ©s don't offer anything until quite late in the day, by which time the food has been sitting out for hours. This makes sense from their perspective, but it does mean that some of the food isn't at its best.

But for Β£2.50 ($3.18), a muffin, cookie, cinnamon bun, and cheese stick is certainly better than nothing.

Too Good To Go Starbucks
Even more pastries.

Lindsay Dodgson/Business Insider

In total, I spent Β£2.50 ($3.18) on items worth at least Β£7.50 ($9.52).

Friday

I'd been eyeing up a nearby Bangladeshi restaurant all week, so knowing I had a night in alone on Friday, I went for the Β£4.09 ($5.19) curry bag they were offering.

I got a few bhajis, some chicken and rice, two veggie curries, more rice, some okra, and what I thought was probably cabbage.

It was all good and spicy, though the bhajis were slightly stale.

Too Good To Go curry bag
A curry bag from a local restaurant.

Lindsay Dodgson/Business Insider

In total, I spent Β£4.09 ($5.19) on items worth at least Β£12 ($15.24).

The results

For the whole week, I spent Β£26.08 ($33.11) on Β£78.40 ($99.54) worth of food.

Not every bag felt like amazing value. But some, especially the grocery bags, were genuinely impressive.

The experience taught me a lot about how to be flexible. I'm now committed to focusing less on "use by" dates on food and sticking to the safety assessment Lykke taught me β€” "look, smell, taste, don't waste" β€” before throwing things out.

My advice for anyone downloading Too Good To Go is to use it with foresight. The app is great for saving money for those on a strict budget who are OK with some compromises.

Too Good To Go is available in huge stores in the UK (such as Asda) and the US (including Whole Foods), so there are plenty of places to try.

Lykke told me the nice thing about Too Good To Go is you don't have to give anything up, and she's right. From a quick scan of my area, there is bubble tea, ice cream, Turkish food, burgers, doughnuts, and more. You don't get to choose exactly what you want, but as long as you don't mind a bit of a surprise, it's worth a try,

"You actually get good food, it's a good deal, and you do something good," Lykke said. "It's win-win for businesses, for consumers, and for the planet."

Read the original article on Business Insider

The 15 most and least expensive cities in the US

17 December 2024 at 01:03
People walking in San Francisco
The metro area of San Francisco had the highest regional price parity in 2023.

Alexander Spatari/Getty Images

  • Ten of the 15 most expensive metros based on regional price parity data for 2023 were in California.
  • Miami and New York were two non-California metros with higher prices than the national average.
  • Some of the least expensive areas were in Arkansas.

The most expensive US metros are commonly found in California, while many of the least expensive ones can be found in the South.

The Bureau of Economic Analysis recently published regional price parity data for 2023. The figures for states and metros show how price levels of goods and services compare to the national average.

The metro area of Seattle had a regional price parity for goods and services of around 113 in 2023. That means prices were 13% more expensive than the national average, making it one of the metros with the highest regional price parities.

"Whether you are considering a job offer in a more expensive city, looking for an affordable place to retire, or are just curious about how price levels compare between different parts of the country, our regional price parities can help," Vipin Arora, the director of the Bureau of Economic Analysis, said in a post.

California was 12.6% more expensive than the national average in 2023, making it the state with the highest regional price parity.

Several Golden State metros had the highest regional price parities among the over 380 metro areas in the US. San Luis Obispo-Paso Robles was roughly 11% more expensive than the national average, and prices in San Francisco-Oakland-Berkeley were 18% higher than the average.

It's also especially pricey in the Seattle, New York, Miami, Boston, and Honolulu metro areas, rounding out the non-Californian metros with the highest regional price parities in 2023.

Pine Bluff, Arkansas, was around 20% less expensive than the national average, making it the metro with the lowest regional price parity in 2023. Arkansas had the lowest regional price parity among states last year.

Several other metros in Arkansas were among the least expensive areas in the US. Most of the 15 metros with the lowest cost of living were in the South.

Read the original article on Business Insider

One map shows how expensive it is to live across the country

13 December 2024 at 01:01
San Francisco, California
California had the highest regional price parity last year, which suggests living there is expensive.

Carmen MartΓ­nez TorrΓ³n/Getty Images

  • New regional price parity data showed the varying cost of living in the US.
  • California and Washington, DC, had the highest cost of living, largely driven by housing costs.
  • Most of the states with the lowest relative cost of living were around the middle of the country.

Many states have a lower cost of living than the national average, but the West Coast and Northeast are still pricey.

The Bureau of Economic Analysis published new regional price parity data on Thursday that showed how expensive it is to live in different areas of the US.

"Regional price parities measure the differences in price levels across states for a given year and are expressed as a percentage of the overall national price level," BEA said in a news release.

The new 2023 data showed 16 states and Washington, DC, had more expensive goods and services than the national average. The states with the lowest cost of living were mainly around the middle of the country, including some states in the South.

The following map shows overall regional price parities, where a value over 100 means it was above the national average. Hawaii's figure of 108.6 means goods and services were about 9% more expensive than the average.

California had the highest relative cost of living; the state is 12.6% more expensive than the average. California metros also made up the majority of the top 10 that had the highest all-items regional price parities in 2023. The metro area of San Francisco-Oakland-Berkeley had the highest at 118.2, meaning it was almost 20% more expensive than the national average.

Washington, DC, had an ever-so-slightly higher figure than California in 2022 but fell short of California's in 2023. DC was 10.8% more expensive than the average. New Jersey ranked right below DC.

Relatively high housing costs contributed to the overall high regional price parities in those two states and DC. BEA said rents are usually "the main driver in differences in RPPs." DC, California, and New Jersey had the highest regional price parities for rents.

Arkansas continued to have the lowest regional price parity and was 13.5% less expensive than the national average in 2023. Alabama, West Virginia, and South Dakota were among the 10 states that were at least 10% less expensive than the national average.

Read the original article on Business Insider

A baby boomer living on $1,470 monthly in Social Security returned to work to support her children and grandchildren: 'I try to help as much as I can'

26 November 2024 at 01:01
older woman wearing a pearl necklace
Pamela Shields, 67, works part-time jobs to supplement her Social Security income.

Photo Courtesy of Pamela Shields

  • 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.

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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].

Read the original article on Business Insider

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