Too Poor to Retire

Our local newspaper, the Tampa Bay Times, recently ran a story about elders who work at low-paying jobs. Although they may wish to retire, they find themselves unable to afford retirement.  For some low-income workers, retirement is only a dream explains that for low-wage workers can’t afford to retire. “Studies have found that about one-third of low-wage workers … say they’ll never be able to afford retirement. The problem is particularly acute among minority women… mA 2016 study by the Associated Press-NORC Center for Public Affairs Research found that a quarter of workers 50 or older say they won’t retire. Among low-wage workers, earning less than $50,000 a year, it was 33 percent.”

Consider the following statistics:

A 2016 report by the nonpartisan research nonprofit National Institute on Retirement Security shows that many black, Hispanic and Asian women have to work past retirement age to be able to afford basic expenses. Women were 80 percent more likely than men to be impoverished.

The research showed that for men ages 70 to 74, about 19 percent of their income comes from wages. For women, it’s about 15 percent.

Some low-wage workers will be able to collect Social Security, which will be of some help, but as the story notes, some without legal status won’t be able to draw Social Security.  One of the individuals featured in the story is 70 years old and works 6 days a week as the caregiver a 100 year-old person.

So what happens if the low-wage worker falls ill and is unable to continue to work?  Might family step in to help? Are there options?