'Just keep working' isn't a just retirement solution

[Yo_Mama_Been_Loggin]

By Teresa Ghilarducci / For the Los Angeles Times

In April 2023, Betty Glover, a 91-year-old grocery store clerk in Oregon, was finally able to retire after a GoFundMe campaign raised $82,000 for her. After seven decades in the workforce, Glover couldn’t save enough to retire and cover basic expenses such as for food and medicine.

“I hate the thought of not working,” Glover told a local TV station. But she wanted to spend time with her two children, four grandchildren, six great-grandchildren and two great-great-grandchildren.

Glover’s was not the only GoFundMe retirement. Earlier that year, 82-year-old Walmart cashier Butch Marion retired, thanks to a GoFundMe campaign.

These outpourings of generosity are not feel-good stories; they reveal America’s severely broken national retirement system. Welcome to retirement American style, where retirement is work.

-more-

https://www.heraldnet.com/opinion/comment-just-keep-working-isnt-a-just-retirement-solution/

[Ferrets are Cool]

1. For many, retirement just means leaving a good paying job for one at Walmart.

[Omnipresent]

2. Not being able to retire, was a way of life before FDR became president.

Few people had pensions and no social security.

[question everything]

9. And, moved to live with family. Many don't realize how younger, working individuals benefit from SS

that they do not have to support aging family members.

[appalachiablue]

3. Appalling. - UK Tory Minister, Older Peope Do Delivery Work on Bikes

https://leftfootforward.org/2023/08/tory-minister-suggests-older-people-get-jobs-delivering-takeaways-if-they-want-extra-cash/

[Lunabell]

4. I'm 62 and won't be able to retire.

After 30 something years as a nurse, my knees are shot. Thank goodness I work at an agency doing private duty with one patient. My partner has been on disability ssi for over a decade, with very little money each month. I think about this a lot and it is very disheartening. I'm grateful at this point that other than bad knees, I am very healthy.

[Upthevibe]

7. Lunabell...

I'm now eligible for Social Security because I just turned 66 1/2. I've been working since I was 16 years old with the exception of a year here and there when I took off for my son.

I'm going to be getting a decent amount of money per month. It will be my only source of income (except when I continue working as a substitute teacher which is what I'm doing now). I will continue working because I want to try to save some money and because I love it!

I had kind of a mini breakdown in 2011 and 2012 and ended up spending my 401k.

Obviously I don't have your details, but it seems that being a nurse for 30 years you would have a decent amount from your social security check.

[NBachers]

5. I'm 75 next month; I'm hoping I can squeeze out another five years at least.

[calimary]

10. Well, I hope you do, too!

I’m only a few years behind ya.

And Happy Birthday, btw!

[cynical_idealist]

6. I'll have to earn until the urn

then maybe someone can sell my ashes

[RickHworth]

8. 62 now

Fortunate to earn above average wage (thank you Mr. Biden investing in American manufacturing), fairly low stress job, insurance maturing in three years, still have to work until I'm 68.
I'll earn too much working part-time to be able to retire earlier, having to be mindful of the cap on earnings with Social Security.
I like to think that I am only fortunate, just for today.

[soldierant]

12. I'm fortunate also

and I did try to plan, but it wasn't any planning of mine that made it possible. It was that about ten years after I retired from one job (and was working another), the first employer I had retired from decided to replace retiree suppplemental medical insurance with an HRA. (similar to FSA'a and HSAs but the"R" stande for "retiree," which means I put nothing in, the former employer adds yearly. Also what year the expense is in does not matter, and everything not spent is carried forward.)

And it does say a lot about the way paying for health care is done i America that one of the biggest insurance companies in America finds it cost effective to give retirees HRAs as opposed to providing supplemental insurance, don't you think?

[OldBaldy1701E]

11. Retire?

There is nothing to retire from. There is nothing to retire to.

For some, there is just nothing. It is not as if they did not work for a living or whatever. But, when one fails, or has a massive financial situation, or things like that... retirement is just a luxury word for those who have something to retire from.

'Earn till the urn' indeed. It's by design if you ask me.