At 82 years old, Edward Eubanks continues to work at McDonald’s in Henderson, Nevada, as he grapples with the harsh reality of retirement. Despite his extensive career as a radiation monitor at the Nevada National Security Site for 26 years, Eubanks finds himself unable to retire due to financial constraints.
Eubanks, who humorously refers to himself as “Mr. Ed, aka, the hamburger man,” describes his daily tasks at McDonald’s, which include restocking supplies and cleaning. His positive attitude shines, but his story is a reflection of a broader crisis affecting many elderly Americans.
The growing retirement crisis
According to labor economist Teresa Ghilarducci, the plight of workers like Eubanks is emblematic of a growing crisis in the United States. In her book, Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy, she argues that many individuals, especially Black people, men and those with less education, spend significantly less time in retirement.
Ghilarducci emphasizes that working until one can no longer do so is not a sustainable or humane solution for society. Her insights highlight the urgent need for systemic changes to ensure that all workers can retire with dignity.
Legislative solutions on the horizon
In response to the retirement crisis, bipartisan efforts are underway to improve retirement savings options for Americans. The Retirement Savings for Americans Act, introduced by Senators John Hickenlooper and Thom Tillis, aims to provide portable, tax-advantaged retirement savings accounts for eligible workers. This legislation seeks to address the significant gap in retirement plan access, which currently affects nearly 40 million Americans. The proposed bill would allow the federal government to match contributions for low- and middle-income workers, helping to build a more secure financial future.
Edward Eubanks’ story is a poignant reminder of the challenges faced by many older Americans. As discussions around retirement reform continue, it is crucial to advocate for policies that ensure all individuals can retire comfortably and with dignity. The Retirement Savings for Americans Act represents a step in the right direction, but ongoing efforts are needed to create a more equitable retirement system for all.
