According to the Bureau of Labor Statistics, the number of US workers over the age of 75 is expected to nearly double over the next decade, creating a looming retirement crisis. 

With the rising costs of healthcare, housing, and not enough wages, millions of older Americans don’t have enough savings to cover their basic needs in retirement.

As told by USA Today, Theresa Edwards thought these would be her golden years. Instead, she gets up at dawn to crisscross Los Angeles by bus to work as a caregiver. Waiting at home at the end of a long day is her last patient: Edwards’ husband of 55 years, who is recovering from a serious car accident.

Edwards started caring for others at the age of 18 when her grandmother had Alzheimer’s disease. At 74, she tires more easily. Sometimes she has to stop and catch her breath. But taking a break isn’t an option. 

Every dollar counts. Edwards doesn’t buy new clothes or get her nails done. She has no credit cards and deposits every cent she doesn’t spend on bills in a savings account.

Still, she barely clears enough each month to cover groceries, utilities, and the $1,500 rent on her two-bedroom apartment where her four grandchildren and 9-year-old German shepherd, Duchess, also live. 

“I bless Jesus and God for me to be as strong as I am at this age,” she said. “Sometimes I wish I could stop working. But the way life is going, I’m not sure I can.”

The Bitter Reality Faced by Many Americans

The story of Theresa Edwards simply highlights the challenges faced by many Americans today. Due to one reason or another, many don’t have the opportunity to save for retirement. 

The change from traditional pension plans which provided a guaranteed stream of income to defined contribution plans like 401(k) has proven insufficient for many Americans. Many do not have access to retirement savings plans and those that have are unable to save much.

Social security which pays less than average wages does not provide enough income for a comfortable retirement.

According to USA Today, Older Americans like Robin Delucia face a frightening and once-unthinkable prospect: They will be poor for the first time in their lives.

Delucia, who has been working since she was 14, retired on her 70th birthday. But she says she couldn’t stay retired. 

After taking a two-month, camping trip to New York with her 10-year-old dog, Midnight, she returned home to Sarasota, Florida, to look for work. 

“It’s the only way I can afford to keep living,” she said. “To live on Social Security alone nowadays is an absolute joke, especially in Florida.”

For much of her life, Delucia lived comfortably. She worked as a real estate agent, loan officer, and mortgage processor before owning her own marketing business. Then her deteriorating health made it impossible to work full-time. Over the last 20 years, she has had 15 surgeries.

For a time, Delucia got by on credit cards until she couldn’t keep up with the payments and had to file for bankruptcy. She owes $18,000 on a car that appraises for a quarter of that.

This goes to show that retirement security is a reality that is out of reach for many Americans leading to a retirement crisis.