CHICAGO (AP) – Studies have found that about one-third of low-wage workers say they’ll never be able to afford retirement. The problem is particularly acute among minority women.
The issue has been driven home by a photo of an 89-year-old man in Chicago hunched over, trying to push his cart that offered frozen treats. The photo went viral and people donated more than $384,000 to his retirement.
The lack of disposable income is often cited as an issue preventing low-income people from retiring.
Jacquelyn B. James, co-director of Boston College’s Center on Aging and Work, says it’s common for low-wage workers to stay on the job with no plans for retirement.
But even though these workers foresee working forever, she says things like an illness can happen, forcing them to stop work.