GAYLE KING:
00:00:08
Yes, please. Nearly one fifth of all adults 65 and older are currently working or looking. That's the highest in decades. Many say having a job isn't a choice but a necessity. Kelly O'Grady shows us they face rising costs and a Social Security check that doesn't quite go far enough.
KELLY O'GRADY:
00:00:27
Sleeping in, relaxing, and seeing the world, what many of us aspire to in our golden years. But for Myndie Friedman who's almost 70 years old, she's out the door at 7:30 AM for her two-hour commute to work. I walk to a bus, and I take a bus to the Long Island Railroad and take that to Penn Station. And then I take the subway, and then I walk about 10 minutes to my office.
KELLY O'GRADY:
00:00:52
Myndie is an administrator at a medical office. She's also a widow. And she says retirement for now is simply not an option. What I take home from Social Security is about a third of what I need, so I need another 2/3 to live the way I'm living.
KELLY O'GRADY:
00:01:09
The average American on Social Security receives $2,071 each month, but they spend, on average, $1,684 on housing, $572 on food, and $367 on health care monthly. That's a total of $2,623, which is $552 more than Social Security. Rising costs are on my mind, and they're just going to go higher. You have to eat. You have to have health care. But when you retire, you don't only want have-tos. I'd like to enjoy my life.
KELLY O'GRADY:
00:01:41
Myndie isn't alone. Nearly half of retirees who return to work cite a financial necessity as their primary reason. And by 2030, the number of workers aged 75 and up is projected to grow by 96 and 1/2%. After 40 years as an administrative assistant, Helen Kwochi found a second act. She started working at CVS in Connecticut, where she's been for the last 18 years. I never thought I would get a retail job. I always thought I'd be sitting at a desk with my cup of coffee and just on my computer, but this is really nice. You're more active, and you see more people.
KELLY O'GRADY:
00:02:14
Like Myndie Friedman, she relies on additional income because Social Security doesn't cover all her expenses. For most people, Social Security, including myself, is not enough to live on. We own a home, we have cars, and we like to travel. Without working, I couldn't do all these things.
KELLY O'GRADY:
00:02:29
Another big benefit? Health insurance. My husband takes a very expensive medication. By working at CVS as a full-time employee and paying for health-insurance benefits, we are able to get his medication at a reasonable cost.
KELLY O'GRADY:
00:02:42
As more older Americans find themselves back in the job market competing against younger candidates, Catherine Fisher from LinkedIn says the advantages of age are often underestimated. That older generation has so much experience that they can bring to the table. Communication, adaptability, leadership, and those are skills that you acquire over time.
KELLY O'GRADY:
00:03:04
For Myndie and Helen, there's no retirement date circled on the calendar, just the next paycheck and the one after that. You don't know your end date. If you knew your end date, you'd know how much you needed to live month to month. I plan to work forever, unless some physical or mental reason I can't work. Now, some older workers worry age discrimination will hinder their job search, but many US companies do have programs specifically for mature workers. For example, CVS believes talent is ageless and says more than 4% of its workforce is actually over 65. So I believe the talent is ageless part. Yeah. I agree. We agree with that.
NATE BURLESON:
00:03:43
No doubt, Gayle. But it is hard when I see older people working like at DoorDash, who are doing it because they don't have a choice. That's heartbreaking. I was going to say that's heartbreaking to me, as opposed to people who are over 65 that really still want to work, and it brings them great joy. That's the difference. And that's sort of I think, the failure of what we've not been able to accomplish in this country. You don't see this in other parts of the world. When people are in their twilight years, they should be relaxing and enjoying their family, enjoying their grandkids. Instead, people are doing this to make ends meet because they can't afford their healthcare bills or they need to survive, and that's incredibly distressing. Quickly, any advice? Quickly. Lean into your network. Your network is your superpower. You've built a career. Reach out to those people. They want to help you.
NATE BURLESON:
00:04:24
That's really good advice.
