July 25th 2024.
Edward Eubanks is a remarkable 82-year-old man from Nevada who works at McDonald's. He may be considered elderly, but he is still actively working because he cannot afford to retire. This is a common situation for many seniors in our society, and Eubanks' story shines a light on this growing issue.
Before becoming a McDonald's worker, Eubanks spent 26 years as a radiation monitor at the Nevada National Security Site. Despite his long tenure, he was unable to save enough money for retirement. So, he took on a job as an assistant to a handyman before eventually joining the McDonald's team in Henderson, Nevada in 2009. Eubanks remains optimistic and hopes that one day he will be able to retire, but for now, he continues to work with a positive attitude.
In an interview with WSET, Eubanks shared a glimpse of his daily routine at McDonald's. He affectionately refers to himself as "Mr. Ed, aka, the hamburger man" and takes on various tasks such as restocking the soda station, sweeping and mopping the floor, and emptying the garbage. Eubanks believes that keeping a positive attitude and staying active are the keys to a fulfilling life.
Eubanks' story is just one example of the growing crisis described by labor economist Teresa Ghilarducci in her book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy." As Ghilarducci points out, it is not a civilized plan for a civilized society to have older individuals working until they physically can't anymore.
According to The New York Times, Ghilarducci's research shows that certain groups, such as Black people, men, and those with less education, spend the least amount of time in retirement. To address this issue, a bi-partisan bill has been proposed, based on the work of Ghilarducci and Kevin Hassett, a former chair of ex-President Donald Trump's Council of Economic Advisors. The bill suggests that people should be compelled to save money for retirement through a new program that offers portable, tax-advantaged retirement savings accounts. It also includes a federal government match for low- and middle-income workers, with the match decreasing for those at median income.
Sen. Thom Tillis, a North Carolina Republican, highlights that nearly 40 million Americans do not have access to an employer-sponsored retirement plan. This bill aims to change that. According to a press release from Sen. John Hickenlooper, the Retirement Savings for Americans Act would create a pathway for savings for those who lack retirement options. This legislation is also supported by various organizations, including Uber, Doordash, AARP, and the Society for Human Resource Management.
John Letteri, President and CEO of the Economic Innovation Group (EIG), expresses his support for the bill and the bipartisan effort behind it. He believes that this legislation would improve the retirement system, provide financial security for workers, and strengthen the economy. EIG is proud to have collaborated with Senators Hickenlooper and Tillis, as well as Representatives Smucker and Sewell, on this important legislation.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
