During the colder months, Barbara O’Keeffe, 79, her husband, and their friends journey into the rocky deserts of Arizona. With the intense sun shining on their sunscreen-covered faces, they take walks and admire the vastness.
When May hits and the blistering heat traps them inside, O’Keeffe occasionally wakes up early, tries a new breakfast spot, and bookmarks it for when her snowbird friends return in the winter.
Their finances are stable, but the O’Keeffes have tried to keep costs down while maintaining a healthy social life, though they will splurge on concerts.
We want to hear from you. Are you an older American comfortable sharing your retirement outlook with a reporter? Please fill out this quick form.
But because of rising costs, they’ve slowed their search for new restaurants and embraced being homebodies during the summer, taking up projects like sewing and going through old photographs. Their over-55 community often holds events in the evenings, and they’ve maintained online connections with friends from their travels and work. Still, balancing social activities on a budget isn’t easy.
Barbara O’Keeffe
“One of the hardest things at our age is that we are starting to lose close friends of 30 to 40 years, and each time it happens, it reinforces our own mortality,” said O’Keeffe, who retired over 18 years ago from her role as a university department head.
O’Keeffe is one of dozens of retirees who recently told Business Insider they’re trying to stay socially connected despite having limited retirement savings. Some said it’s difficult to make friends later in life, especially without workplace connections to fall back on. Others said spending on food, housing, and other essentials has already strained their monthly budgets, making it harder to prioritize relationships and fend off loneliness. Many older Americans, particularly those with lower incomes, have been caught in the nation’s broader “loneliness crisis.”
What’s more, fears about the future of government benefits like Social Security and Medicaid because of federal staffing and budget cuts, along with the stock market’s ups and downs, have added to their financial stress. This story is part of a series on older workers.
Some retirees are going back to work to seek connections
For some retirees, going back to work has been the most practical way to address their financial and social challenges.
Carolyn Evans, 71, worked at a Big Four accounting firm for two decades before retiring in 2021 to care for her terminally ill husband. Despite having a pension and 401(k), she didn’t have enough saved to retire comfortably — she lost much of her $400,000 in savings during the 2008 recession and paid hefty bills to repair her house after a natural disaster. When her husband died in 2022, she felt isolated and returned to work.
“I wanted to be around people because of the loneliness that I encountered after my husband passed away,” Evans said.
Evans, who lives in Texas, said she couldn’t find many part-time openings, so she became a full-time accountant for a real estate company. She’s enjoyed working with younger people, property managers, and clients. Evans isn’t sure when she might be able to retire again, though she’s hopeful work will keep her fulfilled and financially stable for the time being.
“I enjoy work because it is very community-connected with various social activities such as bowling and pickleball,” Evans said. “My children often entertain with barbecues and other family gatherings, there are church gatherings, and activities where it is often potluck and less expensive.”
Finding low-cost activities and returning to work haven’t fully solved the social challenges many retirees, like Libby Mintzer, face.
Mintzer, 73, retired from her job as a paralegal in 2022. She relies on her monthly Social Security income, which she says is barely enough to get by. As a result, Mintzer said she’s been actively searching for part-time employment — preferably an office job — but hasn’t had any luck yet.
The financial strain has also made it harder for her to build new friendships since she relocated from New York to Tampa, Florida, about three years ago. She’s tried joining local meetup groups — some of which involved going out to dinner — but said they haven’t been a good fit.
“I ended up broke every month because I’d spend $60 on dinner, and I didn’t click with anybody,” she said.
When a social opportunity catches her interest — even an expensive one — it can be hard to pass on it. If she overspends, she said she typically cuts back on food.
“To me, it’s worth spending money or even going over my budget once in a while,” she said.
