Retirement out of reach for millions of Americans

Tom Coomer, 80, is just one of nearly 10 million Americans over 65 still working. He was working as a machinist when his plant closed down, just one year shy of getting his full pension. CBS News correspondent Mark Strassmann has his story.

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[Greggsberdard]

The rising prices have impacted my plan to retire at 62, work part-time, and build my savings. I'm concerned that those who went through the 2008 financial crisis may have faced fewer challenges than I do now. The stock market's volatility, along with a reduced income, is making me anxious about having enough for retirement.

[jerrycampbell-utyf]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[rjvrscd]

My jaw literally dropped when the reporter said he's 80 years old. That is horrible for someone that age to be still working out of necessity

[SamiUddin]

"I was right at the door, but never got to go through it" that quote right there hit me hard onto making better decisions for myself.

[redclark]

If I retire today, at the present time I could live comfortably for 4 days🤣🤣🤣

[TheRocknrolla]

I sincerely wish, I had resources to basically help everyone in need. Nothing in life is more valuable than the dignity of a fellow human being.

[pootandbeans]

His company fired him at 29 years because they didn't want to pay him a 30 year retirement, that's horrible!

[rdefendr]

Over the years we wondered how our friends could, afford the big fancy house, they dined out all the time, many drove the newest cars/SUVs, and they took expensive vacations every year. They’re still working and we successfully retired because we lived within our means.

[siuabc]

He seems he loves what he is doing. He enjoys life no matter what life brings to him... His heart and attitude is so strong. Wish him and his wife the best...

[divlweb]

This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family.

[MoonatikYT]

"They call it the American dream, you have to be asleep to believe it." -George Carlin

[scootergreen]

I'm surprised Walmart let them film.

[c.t.u.o]

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

[ericvictor]

My grandfather is 78, and refuses to retire. He is still working full time, and does not want to stop. He said if he does, he will just die. Its stimulating to him.

[jan-peterschuring]

This report mentions $4120 average income. This is very misleading as it averages in the very wealthy and skews the numbers drastically. Half of all Americans age 65 or older have incomes of less than $24, 224 a year. Thus the median is actually $2, 112.

[noeminoemi]

4100 a month is not bad for a retired person.

[bartoszdobroslaw]

Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.

[dorothysewing]

My father worked up until the day he died at the age of 74. He kept putting off retirement, and was so used to working.

[desertguy]

i salute this gentlemen i was expecting him to say i got shafted after 29 years of service and they took my pension. Not one time, instead he blamed himself for not saving enough when he was younger working all those years. This man may not be rich but he has my respect and that is something you can't buy.

[ppumpkin]

Saving for the future is mostly about deferred gratification. I finished two graduate degrees and completed many professional certificates when young. Stayed home most weekends, took no major vacations, took public transportation, rented and lived below my means for many years. By the time I had a family i was already well established in my profession and had saved a lot of money. When I bought my house I had 50% cash saved. My company decided they had enough of me by age 57 and laid me off. I was smart enough to work for a company that had a defined benefit plan, a decent severance plan, and retiree medical benefits fully vested by age 55. I can live nicely in my paid for home, on my pension, and social security without touching my investments worth over seven figures. But I couldn't have done it without studying, working, and saving in my twenties when other kids were out partying. An old farmer once told me, you can't rest until the hay is in the barn. Well my barn is stocked for a long winter.