Breaking News: Whoopi Goldberg relates to Americans ‘having a hard time’ — says she’d leave ‘The View’ if she could afford to…Read More

Whoopi Goldberg has been co-hosting ABC’s “The View” since 2007, making her the longest serving member on the successful daytime show’s panel. However, the celebrated actor and comedian with EGOT status recently admitted on the show that her tenure would have ended sooner if she had more money and that she isn’t immune from the financial pressure most Americans face.

“I appreciate that people are having a hard time. Me too. I work for a living,” she said. “If I had all the money in the world, I would not be here, OK? So, I’m a working person, you know?… My kid has to feed her family. My great-granddaughter has to be fed by her family. I know it’s hard out there.”

Goldberg’s admission of financial strain might come as a surprise given that CelebrityNetWorth estimates her net worth at $30 million. There are other highly-successful celebrities who have faced much worse financial troubles. Award-winning director Francis Ford Coppola has filed for bankruptcy three times while boxing legend Mike Tyson reportedly earned $400 million during his fighting career before filing for bankruptcy in 2003.

At age 69, Goldberg says she’s still working to pay the bills for herself and her family. Her situation highlights how family and financial mismanagement can push Americans to work beyond retirement.

Financially squeezed
As of 2023, roughly 11 million Americans ages 65 and older are still employed, according to the Pew Research Center. Meanwhile, a recent survey by LiveCareer revealed a startling 61% of U.S. workers fear retirement more than death. The majority of respondents (82%) said they have considered delaying their retirement for financial reasons.

These statistics paint a grim picture of a workforce that’s feeling anxious and economically squeezed. Digging deeper into the stats reveals that these concerns are not restricted to the middle class or working class. Per PYMNTS Intelligence, 62% of all U.S. consumers now live paycheck to paycheck, including 36% of those whose annual incomes exceed $200,000.

Meanwhile, The Wall Street Journal reported in 2023 that an increasing number of high-income families were shopping at discount retailers and dollar stores such as DollarTree and Five Below.

Financial pressure has spread across the age and income spectrum. To mitigate this issue, families need to find better ways to budget and adapt.

Better budgeting
A dynamic economy calls for a dynamic budget. For many families, it may no longer be enough to make simple assumptions about how much your monthly bills for essentials will be when prices are rising.

Instead, financial experts recommend turning your attention to income instead. Ramit Sethi, host of the Netflix series “How to Get Rich,” recommends the 50/20/30 rule, which puts after-tax income into three different baskets: 50% for necessary expenses, 20% for debt repayment and savings and 30% for everything else, including leisure.

The goal is simple: decrease your debt, increase your savings and investments, and allow yourself some guilt-free spending,” Sethi says on his website.

For high-income earners,, it’s important to set money aside for savings and investments first, before splurging. Credit reporting giant Experian calls this method “reverse budgeting” and says this method restricts discretionary spending, because you can only spend what’s left after meeting savings targets, and bolsters financial resilience.