Edward Eubanks, an 82-year-old Nevada McDonald’s worker, is an example of an elderly individual who is still working because he can’t afford to retire.
According to WSET, despite Eubanks’ tenure at the Nevada National Security Site as a radiation monitor for 26 years, he cannot afford to retire, opting instead to become an assistant to a handyman before taking a job at his local McDonald’s in Henderson, Nevada in 2009. Eubanks holds out hope that one day, he can retire, but for now he will keep working and keep his positive attitude.
Eubanks described his daily routine briefly to WSET, “I tell them I am Mr. Ed, aka, the hamburger man,” Eubanks said. “I restock the soda station, which is lids, napkins, and straws, and then I sweep and mop the floor, empty the garbage. If you laugh a lot and keep moving, you got it made,” Eubanks said.
Eubanks’ story is emblematic of a growing crisis described by labor economist and professor of economics and policy analysis at The New School for Social Research in New York, Teresa Ghilarducci, in her book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy.
As Ghilarducci writes in her book, “Yes, Granny deserves a good job if she wants one, but working until you drop is not a civilized plan for a civilized society.”
According to The New York Times, Ghilarducci’s work pinpoints that there are a few groups who spend the least amount of time in retirement, those groups being Black people, men, and those who are less educated. A bi-partisan bill, based in part on scholarship from Ghilarducci and Kevin Hassett, a former chair of ex-President Donald Trump’s Council of Economic Advisors, argues that, essentially, people need to be forced to save money so they can have something when they reach retirement age.
According to a press release for the Retirement Savings for Americans Act, issued by Sen. John Hickenlooper (D-CO), “The bill would establish a new program that gives eligible workers access to portable, tax-advantaged retirement savings accounts. If passed, the RSAA would allow the federal government to match contributions for low- and middle-income workers, with the match beginning to phase out at median income.”
Sen. Thom Tillis, a North Carolina Republican, pointed out that nearly 40 million Americans currently lack access to an employer provided or sponsored retirement plan, something the bill is intended to address.
“Roughly 40 million Americans lack access to an employer-sponsored retirement plan, which represents a significant roadblock to achieving financial security for their retirement,” Tillis said. “The Retirement Savings for Americans Act tackles this real problem by establishing a pathway for savings for Americans lacking retirement options.”
The bill comes with recommendations from Uber, Doordash, and EIG, as well as Goldman Sachs, the Small Business and Entrepreneurship Council, AARP, and the Society for Human Resource Management.
EIG President and CEO John Letteri issued a strong statement in support of the legislation, saying he was proud to work with the politicians on the legislation. “The Retirement Savings for Americans Act would address significant and longstanding gaps in the U.S. retirement system that have severely limited participation from low-and moderate-income workers. If enacted, this legislation would result in a healthier retirement system, a more financially secure workforce, and a stronger economy to the benefit of all Americans. EIG is proud to have worked closely with Senators Hickenlooper and Tillis and Representatives Smucker and Sewell on this important legislation, and we applaud them for their bipartisan leadership on behalf of workers nationwide.”
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