At 61, Becky Davenport, a ‘peak boomer’ from Chugiak, Alaska, is facing the looming challenge of retirement. Despite her extensive career in the medical and non-profit sectors, she worries about surviving on Social Security benefits alone with a negligible retirement nest egg.
Like many boomers, Becky is grappling with the financial demands of retirement, ranging from unforeseen health costs to housing expenses, compounded by an uncertain economic atmosphere. The increasing cost of living, especially in high-cost areas like her hometown, has pushed her to reevaluate her retirement plans.
Over her lifetime, she’s weathered significant financial instability, particularly during her tenure as a single parent. This experience has been described as “dreadful” due to constant financial insecurity and debts from unforeseen expenses. Despite this, Davenport has remained steadfast in her determination to provide for her family.
Her career transition from nursing to social work following the end of her first marriage served as a challenge yet broadened her understanding of mental health.
Reassessing retirement under financial strain
In her new role, she became an effective advocate, helping individuals navigate the complexities of life, clashing with policy gaps, and developing innovative solutions to address client-specific needs.
Davenport now leads a disability and education program at an Alaska-based Head Start, which offers her the best income to date. Still, this is insufficient for a secure financial future. Balancing her full-time job and exploring potential part-time consulting work has proven difficult.
Retirement pressure is escalating for Davenport, and the possibility of depending on her children due to financial restraints is a daunting prospect she didn’t initially anticipate. Nonetheless, she endeavors to maintain her economic independence, exploring various money management strategies, from budget cuts to investments, all while carrying a passion for helping her community.
Despite hardships, Davenport finds great satisfaction in her work, making a difference in the lives of those who need assistance. Her resilience and determination make her the model of the steadfast agent of change while redefining retirement for her and many more like her.
