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Posted: 3/27/2024 6:24:26 PM EDT
Marcia is in her 70's and she's still working.
She clocks over 40 hours weekly in her salaried human resources role at a medium-sized company. "As much as I love my job and what I do, in my darkest private moments, I think I'm going to die in this job. I'm going to die in this office because I have no way to get out," she said. For her, work means both dignity and a financial lifeline. She's far away from family and doesn't have help or a second income she can rely on. One of the main reason she hasn't been able to retire is that she's been "overwhelmed" by medical bills from both her husband's cancer diagnosis he died two years ago and now from her own cancer diagnosis. "I was hoping that my husband and I could retire together. And I guess my biggest misjudgment was I didn't plan on being alone financially, emotionally, and one could say I should have, but I didn't," she said. Marcia is one of many retirees who feel left behind by the American dream's promise that a life of hard work would be rewarded with years of rest. Now, as with many traditional economic milestones, retirement has become a luxury reserved only for those who can afford it. More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. It all points to a retirement crisis sweeping its way across the country. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. Their identities have been verified, but a few asked to go by their first names only to preserve their privacy. "If I get the chance, I would like to help other people by sharing the experience and supporting people and maybe finding some solutions to these issues," Marcia said. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." moar |
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Posted: 3/27/2024 6:25:47 PM EDT
[#1]
Rough seas ahead.
In every direction. |
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Posted: 3/27/2024 6:27:36 PM EDT
[Last Edit: eagarminuteman]
[#2]
Originally Posted By JLPettimoreIII: Marcia is in her 70's and she's still working. She clocks over 40 hours weekly in her salaried human resources role at a medium-sized company. "As much as I love my job and what I do, in my darkest private moments, I think I'm going to die in this job. I'm going to die in this office because I have no way to get out," she said. For her, work means both dignity and a financial lifeline. She's far away from family and doesn't have help or a second income she can rely on. One of the main reason she hasn't been able to retire is that she's been "overwhelmed" by medical bills from both her husband's cancer diagnosis he died two years ago and now from her own cancer diagnosis. "I was hoping that my husband and I could retire together. And I guess my biggest misjudgment was I didn't plan on being alone financially, emotionally, and one could say I should have, but I didn't," she said. Marcia is one of many retirees who feel left behind by the American dream's promise that a life of hard work would be rewarded with years of rest. Now, as with many traditional economic milestones, retirement has become a luxury reserved only for those who can afford it. More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. It all points to a retirement crisis sweeping its way across the country. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. Their identities have been verified, but a few asked to go by their first names only to preserve their privacy. "If I get the chance, I would like to help other people by sharing the experience and supporting people and maybe finding some solutions to these issues," Marcia said. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." moar |
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Posted: 3/27/2024 6:29:35 PM EDT
[#3]
Welcome to the new reality. It’s only going to get worse. So, enjoy the ride!
18Z50 |
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Posted: 3/27/2024 6:31:16 PM EDT
[#4]
Quote HistoryOriginally Posted By 18B30: Welcome to the new reality. It's only going to get worse. So, enjoy the ride! 18Z50  Attached File |
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Posted: 3/27/2024 6:34:02 PM EDT
[#5]
The music has stopped for Boomers. You did this.
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Posted: 3/27/2024 6:34:43 PM EDT
[#6]
As it's going now I doubt I will be able to retire. Any kind of hardship or medical emergency and I will be greeting you at walmart until I die
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Posted: 3/27/2024 6:36:30 PM EDT
[#7]
Same thing happened to my neighbor in SF. Her husband developed cancer and they took out an equity loan to cover his medical expense. She's now back to work and will be there until the day she dies.
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Posted: 3/27/2024 6:40:02 PM EDT
[#8]
Soon there will be enough of them that they will vote to steal everything from those of us have who led a lifetime of frugality.
We must remain well armed and prepared. |
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NC, USA
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Posted: 3/27/2024 6:40:29 PM EDT
[#9]
Retirement, like religion is a luxury most can't afford.
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CO, USA
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Posted: 3/27/2024 6:41:14 PM EDT
[#10]
I’m 36 and often think I will die at the office.
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Posted: 3/27/2024 6:42:45 PM EDT
[#11]
@
@ @ @ @ |
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SC, USA
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Posted: 3/27/2024 6:46:07 PM EDT
[#12]
Years of retirement are not a promise of the American dream. When social security was enacted only 20% of Americans were going to live long enough to collect it.
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Posted: 3/27/2024 6:46:37 PM EDT
[#13]
Quote HistoryOriginally Posted By eagarminuteman: Wait so I’m supposed to hate Boomers for stealing the future of the country or feel bad when some of them are still broke at their age despite having lived during a very prosperous time in America? Which is it? I’m so confused. Do we hate her for not getting out of the way more than we would hate her for taking social security from the millennials? Is she wasting a millennial’s inheritance? |
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Posted: 3/27/2024 6:49:39 PM EDT
[#14]
My great uncle Eddy used to joke that his retirement/nursing home backup plan was to go down to the local precinct and beat on a cop with his cane.
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Posted: 3/27/2024 6:50:09 PM EDT
[#15]
Quote HistoryOriginally Posted By Gspointer: I’m so confused. Do we hate her for not getting out of the way more than we would hate her for taking social security from the millennials? Is she wasting a millennial’s inheritance? I don’t know. But I think this is the part where we scream about avocado toast and bootstraps? |
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Posted: 3/27/2024 6:50:42 PM EDT
[#16]
Fuck you, pay me.
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KY, USA
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Posted: 3/27/2024 6:53:10 PM EDT
[#17]
I made peace with the fact I'll never be able to retire a long time ago. I intend to work till I can't then find an out of the way place to check out.
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Posted: 3/27/2024 6:53:17 PM EDT
[#18]
I will never be able to retire. Medical expenses, multiple disasters and the Dot Bomb completely wiped us out and as aggressive as I am at trying to recover the math is what it is.
Two and a half million in retirement assets gone. No matter how well you plan and how well you play the game, life can come over and kick your nutz right up to your teeth when you least expect it. I want to scream this every time I hear some young person going on about how Social Security should be ended and "boomers should have planned better" and "boomers had all the advantages". Bullshit.  |
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Posted: 3/27/2024 6:54:34 PM EDT
[#19]
This is not a new problem. My paternal grandmother (WWII generation) worked until she couldn't anymore, into her 70's. When she finally couldn't for health reasons, she only had a tiny pension death benefit from her 2nd husband. She managed to save very little, and what she did was stolen by her 3rd husband.
She made a series of bad choices, from choosing bad spouses to getting addicted to oxy to alienating her sons and their spouses. She died alone in a Medicare nursing home, and her body was donated to science (her wishes.) I don't think anyone misses her. |
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Posted: 3/27/2024 6:55:08 PM EDT
[#20]
Failing to plan is planning to fail.
She and her husband had 50+ years to plan for retirement. No fucks given. You reap what you sow. |
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FL, USA
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Posted: 3/27/2024 6:55:28 PM EDT
[#21]
But wait, there is hope!
I consider that our present sufferings are not worth comparing with the glory that will be revealed in us Romans 8:18 |
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Posted: 3/27/2024 6:55:40 PM EDT
[#22]
Rent a shack near the beach in PR. Live off of SS. Drink beer all day and swim.
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AZ, USA
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Posted: 3/27/2024 6:56:18 PM EDT
[#23]
Quote HistoryOriginally Posted By SystemFailCoreDump: I will never be able to retire. Medical expenses, multiple disasters and the Dot Bomb completely wiped us out and as aggressive as I am at trying to recover the math is what it is. Two and a half million in retirement assets gone. No matter how well you plan and how well you play the game, life can come over and kick your nutz right up to your teeth when you least expect it. I want to scream this every time I hear some young person going on about how Social Security should be ended and "boomers should have planned better" and "boomers had all the advantages". Bullshit. I'm a Millennial. Every time I see some older homeless person dragging around a suitcase downtown, I remind myself there's a good chance that a whole lot of us are going to end up like that. |
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Posted: 3/27/2024 6:58:48 PM EDT
[#24]
Quote HistoryOriginally Posted By brownbomber: I'm a Millennial. Every time I see some older homeless person dragging around a suitcase downtown, I remind myself there's a good chance that a whole lot of us are going to end up like that. I mean statistics say that like 70% of seniors would be in poverty without SS, imagine how much worse that’ll be when our generations start to retire. I know very few financially smart zoomers, just saying. |
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Posted: 3/27/2024 7:02:51 PM EDT
[#25]
I'll probably be a "feet first" employee too. When I was married we never seemed to have enough money, no matter how much we made. Saved some in my 401k, but I should have been saving more. Then the kids, and the alcoholism, her job loss, foreclosure, divorce, college. I was left with $12k for my retirement at age 50. I'm socking away as much as I can now, but I'll never compensate for the decades of lost investment gains. So I'm going to work until I can't anymore and hope that I either stay healthy or die quickly.
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Posted: 3/27/2024 7:03:41 PM EDT
[#26]
"Bill, 71, is also still working despite retiring two years ago from a career in advertising. He's had to return to work 32 hours a week to supplement his retirement savings, partially due to the high cost of living in Connecticut. He's also contending with intergenerational financial strains. He said he will still be making payments on his kids' college loans until next March."
1. Move 2. Tell the yoots, "Estas por tu cuenta!" |
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Posted: 3/27/2024 7:03:43 PM EDT
[#27]
If a person doesn't plan for their future, their future plans for them.
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Posted: 3/27/2024 7:03:49 PM EDT
[#28]
Quote HistoryOriginally Posted By burnprocess: Rough seas ahead. In every direction. |
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Posted: 3/27/2024 7:05:23 PM EDT
[#29]
Maybe she should have served for 20 years while having 5 kids during that time and retired with a full pension and medical at 38?
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Posted: 3/27/2024 7:08:24 PM EDT
[#30]
Quote HistoryOriginally Posted By eagarminuteman: Wait so I’m supposed to hate Boomers for stealing the future of the country or feel bad when some of them are still broke at their age despite having lived during a very prosperous time in America? Which is it? Two people, both with cancer. That's going to eat up a lot of money. |
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Posted: 3/27/2024 7:15:12 PM EDT
[#31]
Quote HistoryOriginally Posted By Explorer225: I made peace with the fact I'll never be able to retire a long time ago. I intend to work till I can't then find an out of the way place to check out.  Attached File |
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OR, USA
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Posted: 3/27/2024 7:15:38 PM EDT
[#32]
Quote HistoryOriginally Posted By eagarminuteman: Wait so I’m supposed to hate Boomers for stealing the future of the country or feel bad when some of them are still broke at their age despite having lived during a very prosperous time in America? Which is it? Apparently, GD wants us to hate anybody that grows old, gets cancer, and is swamped with bills from cancer treatment. Jesus was right about the end times, men's hearts will grow cold. |
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Posted: 3/27/2024 7:15:46 PM EDT
[#33]
Quote HistoryOriginally Posted By wakeboarder: Maybe she should have served for 20 years while having 5 kids during that time and retired with a full pension and medical at 38?  Attached File |
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Posted: 3/27/2024 7:21:42 PM EDT
[#34]
I had a co-worker retire at 77.5 a couple years ago. He took SS at 70.5 then boosted his pension til 77. He said he is happy and has no money issues with no other savings.
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IL, USA
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Posted: 3/27/2024 7:22:24 PM EDT
[#35]
Quote HistoryOriginally Posted By MikeJGA: Failing to plan is planning to fail. She and her husband had 50+ years to plan for retirement. No fucks given. You reap what you sow. But was lack of planning the problem? Based on the article, it was medical bills being that both of them were diagnosed with cancer. I would love to retire in almost exactly 10 years, but I'm guessing it will be 14 years since I had kids late in life. I am planning now, but I could see how medical issues in the future can mess everything up. |
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AZ, USA
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Posted: 3/27/2024 7:23:34 PM EDT
[#36]
Quote HistoryOriginally Posted By OregonShooter: I had a co-worker retire at 77.5 a couple years ago. He took SS at 70.5 then boosted his pension til 77. He said he is happy and has no money issues with no other savings. I work with a guy who is going on 83. He's been working here for 56 years. He's still got it. |
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CT, USA
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Posted: 3/27/2024 7:24:17 PM EDT
[#37]
The government has to double the social security tax on only young people so they can pay more into the system .
That will provide more money for us that are retired and we can live a better life . |
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Posted: 3/27/2024 7:24:20 PM EDT
[#38]
She can sell that 4 million dollar house that she paid 49.95 for
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TX, USA
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Posted: 3/27/2024 7:25:57 PM EDT
[#39]
Did anyone here get Enroned? Lots of retirement dreams shattered right there.
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PA, USA
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Posted: 3/27/2024 7:27:03 PM EDT
[#40]
Aka
“I don’t have to save money, I’ll live comfortably off SS.” The government screwed over the people, and those same people voted for the government to screw them over. Oh well. |
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USA
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Posted: 3/27/2024 7:27:38 PM EDT
[Last Edit: Nick_Adams]
[#41]
Originally Posted By JLPettimoreIII: Marcia is in her 70's and she's still working. She clocks over 40 hours weekly in her salaried human resources role at a medium-sized company. "As much as I love my job and what I do, in my darkest private moments, I think I'm going to die in this job. I'm going to die in this office because I have no way to get out," she said. For her, work means both dignity and a financial lifeline. She's far away from family and doesn't have help or a second income she can rely on. One of the main reason she hasn't been able to retire is that she's been "overwhelmed" by medical bills from both her husband's cancer diagnosis he died two years ago and now from her own cancer diagnosis. "I was hoping that my husband and I could retire together. And I guess my biggest misjudgment was I didn't plan on being alone financially, emotionally, and one could say I should have, but I didn't," she said. Marcia is one of many retirees who feel left behind by the American dream's promise that a life of hard work would be rewarded with years of rest. Now, as with many traditional economic milestones, retirement has become a luxury reserved only for those who can afford it. More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. It all points to a retirement crisis sweeping its way across the country. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. Their identities have been verified, but a few asked to go by their first names only to preserve their privacy. "If I get the chance, I would like to help other people by sharing the experience and supporting people and maybe finding some solutions to these issues," Marcia said. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." moar Some Boomers chose poorly in life. But fear not ….. the ‘Day of the Pillow’ is coming. A Millennial or Gen Zer of some relation will help you move on. |
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MT, USA
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Posted: 3/27/2024 7:28:30 PM EDT
[#42]
If they can't retire here then maybe they should go back to 'Merico!
 Wait. |
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PA, USA
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Posted: 3/27/2024 7:28:47 PM EDT
[#43]
Quote HistoryOriginally Posted By terryj: Did anyone here get Enroned? Lots of retirement dreams shattered right there. I actually know a handful (3) of people that got “enroned”. All 3 had plenty of other investments and do just fine during their retirement. No doubt they would be better off, but most people in that situation are either now dead or have recovered. |
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Posted: 3/27/2024 7:28:57 PM EDT
[#44]
Quote HistoryOriginally Posted By Crazyascanbe: She can sell that 4 million dollar house that she paid 49.95 for  Attached File |
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Posted: 3/27/2024 7:29:13 PM EDT
[#45]
What Social Security benefits are in "peril?" The same ones that I have been told are in peril since I was old enough to work?
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Posted: 3/27/2024 7:29:28 PM EDT
[Last Edit: VACaver]
[#46]
Quote HistoryOriginally Posted By Jacon: The music has stopped for Boomers. You did this. I'm a boomer and loving the retired life. 
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Posted: 3/27/2024 7:29:28 PM EDT
[Last Edit: kc-coyote]
[#47]
The woman in OP's post is definitely in a bad spot, but a large number of people who "cant" retire, are in that situation because of poor planning. I have lost count of the number of people I see with new vehicles every 2-3 years and all kinds of toys, yet make less than I do (I'm not rich by any means). They literally live by making minimum monthly payments so they can have the newest vehicle and toys like boats, side by sides and wave runners. Savings is the LAST thing on their mind. Here and now is all that matters. By the time its "time" to retire, they can't because of all the debt they accumulated along with having little to no retirement savings. The situation in OP's post is not typical, rather a news person did it on purpose to paint a broad brush, when this is actually a small number (as a whole) of people saving for retirement. I'm not saying everybody fits into this category, but a large number of non-savers by choice do.
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Posted: 3/27/2024 7:29:34 PM EDT
[Last Edit: Papposilenus]
[#48]
Quote HistoryOriginally Posted By 18B30: Welcome to the new reality. It's only going to get worse. So, enjoy the ride! 18Z50 lots of people are going to be in a hard spot |
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Posted: 3/27/2024 7:29:36 PM EDT
[Last Edit: fxntime]
[#49]
Quote HistoryOriginally Posted By brownbomber: I'm a Millennial. Every time I see some older homeless person dragging around a suitcase downtown, I remind myself there's a good chance that a whole lot of us are going to end up like that. Quote HistoryOriginally Posted By brownbomber: Originally Posted By SystemFailCoreDump: I will never be able to retire. Medical expenses, multiple disasters and the Dot Bomb completely wiped us out and as aggressive as I am at trying to recover the math is what it is. Two and a half million in retirement assets gone. No matter how well you plan and how well you play the game, life can come over and kick your nutz right up to your teeth when you least expect it. I want to scream this every time I hear some young person going on about how Social Security should be ended and "boomers should have planned better" and "boomers had all the advantages". Bullshit. I'm a Millennial. Every time I see some older homeless person dragging around a suitcase downtown, I remind myself there's a good chance that a whole lot of us are going to end up like that. I already have my intersection, cripple stick, dress attire picked out and appropriate sad sign made up. Growing my beard out now, it's nice and white and oh so santa claus sad. I just went through all my retirement stuff today with fidelity. Health care, dental and eye care will cost me a touch over $100 a month til 65, then I get 4K to buy supplemental each year,[decent BCBS+] Pension, no need to touch my 401K, HSA, CD's, Roth or anything else. Just taking pension and SS right now. That will give me pretty much exactly what I bring home now after taxes and I save quite a bit of that so I should still be able to save more then just my other retirement stuff. |
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Posted: 3/27/2024 7:30:59 PM EDT
[#50]
Quote HistoryOriginally Posted By callgood: "Bill, 71, is also still working despite retiring two years ago from a career in advertising. He's had to return to work 32 hours a week to supplement his retirement savings, partially due to the high cost of living in Connecticut. He's also contending with intergenerational financial strains. He said he will still be making payments on his kids' college loans until next March." 1. Move 2. Tell the yoots, "Estas por tu cuenta!" He's a fooking moran for co-signing his kids college loans. ANY decent financial advisor would scream HELL NO!!!!! |
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