July 24th 2024.
Edward Eubanks, an 82-year-old man from Nevada, has been working at McDonald's for several years now. Many people may wonder why someone of his age is still working, and the answer is simple – he can't afford to retire. Despite his 26 years of experience as a radiation monitor at the Nevada National Security Site, Eubanks found himself in a financial situation that made retirement seem like a distant dream. So, he decided to take on a job as an assistant to a handyman before eventually joining the team at McDonald's in Henderson, Nevada in 2009.
But even with his current job at McDonald's, Eubanks still holds on to the hope of one day being able to retire. In an interview with WSET, he mentioned that he tries to maintain a positive attitude and keep moving forward, even if it means working for a little longer. Eubanks has a daily routine at the fast-food chain, which includes restocking the soda station and sweeping and mopping the floors. He jokingly refers to himself as Mr. Ed, aka the hamburger man, and believes that staying active and having a good sense of humor makes the job easier.
Eubanks' story is not uncommon in today's society, as many older individuals find themselves in a similar situation. Labor economist and professor Teresa Ghilarducci, who wrote the book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy, sheds light on this growing crisis. As she describes in her book, it is not a fair or civilized plan for people to work until they are physically unable to do so.
Ghilarducci's research also shows that certain groups, such as Black people, men, and those with less education, tend to spend the least amount of time in retirement. To address this issue, a bipartisan bill called the Retirement Savings for Americans Act has been proposed. Based on scholarship from Ghilarducci and former chair of ex-President Donald Trump's Council of Economic Advisors, Kevin Hassett, the bill aims to force people to save money for retirement by providing them with a portable, tax-advantaged retirement savings account. The federal government would also offer matching contributions for low- and middle-income workers, with the match phasing out at median income.
Sen. John Hickenlooper, who introduced the bill, believes that it will help the roughly 40 million Americans who do not have access to an employer-sponsored retirement plan. And Sen. Thom Tillis, a Republican from North Carolina, agrees that this legislation is a step in the right direction. The bill has received support from various organizations, including Uber, Doordash, and Goldman Sachs. EIG President and CEO John Letteri has spoken highly of the legislation, stating that it would lead to a healthier retirement system, a more financially secure workforce, and a stronger economy for the benefit of all Americans.
It is clear that there is a need for change in the retirement system, and the Retirement Savings for Americans Act could be a promising solution. With bipartisan support and endorsements from various organizations, it is a step towards a more secure future for all workers.
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