Those born between 1946 and 1964 are considered the Baby Boomer generation. While many younger people see Boomers as having it all, the truth is that they have their fair share of problems, too.
One woman from Alaska explained that, even after working for her entire life, she won’t have enough money to retire, even with the federally funded social security checks. In fact, she says she may have to move in with her children.
Becky Davenport’s Story
Becky Davenport, now 61, moved frequently throughout her childhood between New Jersey, Pennsylvania, and Kentucky. But then, she and her mother moved to Alaska when she was just 13 years old.
After college, Davenport decided to make Alaska her permanent home and moved to the small town of Chugiak outside of Anchorage, where she still lives today.
Raising Two Boys All on Her Own
In Chugiak, Davenport got married and had her first son. After five years, the couple divorced, and she met someone else who blessed her with her second son.
However, Davenport raised both of those boys by herself while working full-time in the medical field. When the boys were young, her job only paid her about $12 an hour, so Davenport utilized government welfare assistance to cover her nonstop and ever-increasing bills.
Being a Single Mom, Davenport Struggled to Save
Even with a constant full-time job and welfare assistance, Davenport spent almost all of her earnings on the necessities of raising two young boys. The now 61-year-old reported that while she always made ends meet, she has struggled to save anything over the years.
Davenport explained, “I usually had more money going out than coming in. I was kind of a master at juggling bills. I had some credit cards that I used for emergencies and ended up defaulting on all of those. I just managed to scratch out a living and keep a roof over my kids’ heads.”
Losing Government Support Really Hurt Davenport’s Savings
Then, as her sons got older, Davenport says she lost the government support she depended on so much. Between child support from her exes and her slowly increasing wages, she no longer qualified for housing assistance.
Of course, Davenport had more money for herself once the boys moved out. However, that’s when her medical problems set in.
Medical Care in the US Is Exceptionally Expensive
As all Americans and even most people around the world know, medical care in the United States is exceptionally expensive.
Even though Davenport was making between $28 and $29 per hour and received health insurance from her job, she still lived paycheck to paycheck, thanks to her constant medical bills.
The Cost of Living in Alaska Has Slowly Grown Over the Years
Davenport also explained that the cost of living has significantly increased in her small town and all of Alaska over the past decade, making her humble paycheck even less helpful.
She reports that she is currently spending $1,200 monthly on rent for a small, one-bedroom apartment and between $3.50 and $4.50 a gallon on gas. Her utilities have increased, too, and Davenport says if these bills increase even fractionally, she won’t be able to afford to live independently.
Constantly Fighting Off Debt
Between the growing cost of living, her stagnant salary, and her increasingly expensive medical bills, Davenport says she is constantly fighting to remain out of debt.
To do so, she drives a 25-year-old car, buys her food in bulk, makes her own bread, and even skips some medical treatments she doesn’t deem immediately necessary.
Davenport Isn’t Physically Able to Get a Second Job
While some might wonder why Davenport doesn’t just get a second job to boost her income, she says it’s simply impossible.
She explained, “I am not physically able to have a second job right now. It’s just not in the cards for me. It would exhaust me too much, and I have sleep issues.”
Davenport Could Get Social Security Checks as Soon as Next Year
Because Davenport is now 61, she could technically start receiving social security checks next year, but she doesn’t want to do that. In fact, she hopes that she can wait until she’s 67 to start collecting federal benefits.
Davenport expects she’ll receive about $2,000 a month if she can make it another six years. However, she says that isn’t even enough to cover her expenses now, let alone later when inflation has likely risen again.
Davenport Says She Will Likely Have to Move in With Her Sons When She Can’t Work Anymore
Davenport said her situation makes her incredibly sad. She noted, “It would be nice not to have to worry so much about money and the bottom line,” but unfortunately, that’s not her reality.
In fact, Davenport stated she very well might have to move in with one of her sons once she’s not physically able to work anymore. A reality that makes her feel extremely frustrated.
Davenport’s Situation Is Far From Unique
Unfortunately, Davenport’s situation is not unique. Many people say that Boomers had it much easier than Millennials or even Gen Xers, as the cost of living when they were just starting out was wildly more affordable than it is now.
However, it’s essential to understand that many Baby Boomers couldn’t save money throughout their younger years, and now, they’re dealing with the growing cost of living just as the younger generations are.
