Retirees to Work at McDonald’s

By Douglas A. McIntyre Published Jul 18, 6:30AM EDT

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Retirees to Work at McDonald’s — © jetcityimage / iStock Editorial via Getty Images

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.
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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.
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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.
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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.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.