Study after study shows that older Americans have not saved enough for retirement. Some have not saved any at all. Many Americans will live into their 80s or beyond. This means that they will outlive their nest eggs in many cases. Older Americans will need to find work. They will have no choice. (This is what it costs to retire comfortably in each state.)
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For most people, more than Social Security payments are needed to live on. A typical Social Security payment is under $2,000 a month, and people have to pay taxes on that and pay for Medicare. That leaves very little for housing, medicine, food and transportation.
Walk into a McDonald’s, Starbucks or Walmart. Aside from a modest number of young and middle-aged people are those over 65. Some are much older. People can work indefinitely at some of these retailers. Starbucks, for example, has no age requirement. McDonald’s partnered with AARP at one point to find older Americans jobs.
The challenge for older Americans is that, at some point, many will not be able to work at retail establishments. That means their employment options may disappear.
Working at McDonald’s, Starbucks and Walmart usually offers extremely low compensation. The base salary at Starbucks is $17 an hour.
In short, Americans are going to have an old age poverty problem What were supposed to be the golden years, will turn out to be made out of tin.
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