ECONOMY & CULTURE
FORCES AT PLAY For much of the twenty-first century, around one million US seniors were entering retirement every year. But from 2020 to 2022 more than three million extra Americans retired. A combination of unprecedented factors collided to create this disruptive trend. Some interpreted the simultaneous rise in home prices and stock values as a sign they could safely step away from the workforce or even meet their financial goals early. Lower-income workers were impacted by shutdown layoffs. Some retired early by choice while others were forced into an uneasy early retirement. PLUMMETING PURCHASING POWER For many, it wasn’t long after settling into retirement that inflation took hold and reached 40-year highs. This came as a terrible shock since most retirees are living on a fixed income. Savings have dipped as well. The beginning of 2022 represents the worst first half year for stocks in 52 years. Many feel helpless and trapped when the costs of food, housing, and medical care rise faster than their income. And for those relying on government programs, the cost of living adjustments often trail the rise in prices. BACK TO WORK With few alternatives available, many retirees saw no options except to return to work. In May 2022, The Washington Post reported that “an estimated 1.5 million retirees have reentered the U.S. labor market over the last year.” Some find their time off puts them at a disadvantage compared to candidates who don’t have a gap in their work history. Some find the wages or the working hours of available jobs to be less than appealing. Others want to stay busy but don’t want to return to their previous type of work.
UNDERUTILIZED RESOURCES Retirees make up a huge portion of the North American population. As of 2021, there were nearly 70 million Americans collecting Social Security benefits and 7 million Canadians of retirement age. These individuals have so much to offer! Retirees have huge social networks they’ve built over a lifetime and a natural interest in wellness. Rather than being defined by their jobs, they’re at a stage of life where they’re defined by their free time. Each of these qualities gives retirees an advantage for building a Melaleuca business.
CONSIDER THESE CHALLENGING FACTS:
“US Social Security benefits have lost nearly one-third of their buying power—32 percent—since 2000.” 1 “Nearly a quarter ... of working Canadians say the coronavirus pandemic has delayed their timeline to retirement.” 2 “Debt rates among Americans 65 and older are the highest they’ve ever been.” 3 “Fidelity Investments estimated that a 65-year-old couple retiring in 2021 can expect to spend $300,000 in retirement. … 80 percent of that is spent annually on Medicare premiums and cost-sharing.” 4
1 John F. Wasik, “How to Beat Retirement’s Nemesis: Inflation,” The New York Times , November 19, 2021. 2 “A Quarter of Canadians Delaying Retirement Due to Pandemic,” Benefits Canada , September 30, 2021. 3 Tammy La Gorce, “Many Pandemic Retirees Weren’t Ready. How to Cope if You’re One of Them,” The New York Times , August 12, 2021. 4 Mark Miller, “How to Cope With Medicare’s Rising Costs,” The New York Times , December 22, 2021. an ideal fit for retirees. But now it may make the critical difference to families squeezed by historic economic forces. Who do you know who would benefit from the products and opportunity you’ve found with Melaeluca? MELALEUCA STANDS READY You might know a retiree who is feeling these financial pressures. Even if they aren’t considering returning to work, many retirees are looking for ways to ease inflation’s pinch on their wallet, or for meaningful ways to spend their time. A Melaleuca business has always been
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