Rising inflation is delaying people's plans to retire. Some people at the ends of their careers are extending them a little longer, and some retirees are re-joining the work force.
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"A lot of people thought that prices would stay low and their retirement plans were based on that," Gulf Coast Bank & Trust President Guy Williams told WWL's Newell Normand. "Particularly folks that are renting instead of owning, really are under stress because rental rates are going up quickly, and retirement income of course is not."
Williams says it may actually end up being an overall good thing for the economy. He says with many companies having trouble finding new employees, keeping their more experienced workers around a little while longer is a plus.
"We can use all the workers we can get our hands on, so having the older people come back to work is a good thing!" he said.
He says his own company has recently hired several people in their 70s.