They're in their 80s, still working, and living paycheck to paycheck

Business Insider

15 hours ago

After a tedious week of squinting at spreadsheets, Sandy McConnell, 80, makes her way to a restaurant in Nevada for a monthly lunch with former colleagues.
"Life is too freaking short," McConnell recalled texting the group chat years ago to kick off the tradition of talking life, family, and the news over a meal. "I'd like to start having lunches."
When she returns home, she checks her bank account: it's down to $37. She expects she won't eat at a restaurant again until next month's reunion.
McConnell works full-time as a remote accounts receivable specialist, earning about $50,000 annually to supplement $1,784 in monthly Social Security. Between her debt, mortgage, and car insurance payments, her expenses total over $3,000 monthly. She's $70,000 in debt, not including her house, some of which she accrued by helping her oldest son recover from a stroke in 2023.
She's found that retirement is not possible.
Throughout her career, McConnell, a mother of five, rarely had moments of stability. After a series of divorces, she was financially strapped. She held jobs as a grocery cashier, a nurse's aide, and a credit and collections manager.
At one point in the early 2000s, McConnell had 13 family members living with her. She had her own room; her children lived in other bedrooms and in the living room with her grandchildren. It drained her wallet, and she filed for bankruptcy. After years of working and saving what she could, she became a homeowner a decade ago; she estimates her house is worth about $400,000.
"I find myself at 80 still needing to work. Part of that is financial, and part of it is because I would be bored," McConnell said. "If you don't have any money to do anything with, what are you going to do? Your house can only get so clean."
McConnell is one of nearly 550,000 Americans working past 80 in industries like education, construction, and religious services, a Business Insider analysis of Census Bureau data found. This cohort is one of the fastest-growing demographics in the workforce, and the percentage of people working into their 80s and 90s is expected to grow over the next decade.
More than 100 workers in this age demographic have spoken to Business Insider in recent months. Some planned carefully for retirement, before a medical or financial catastrophe tanked their wealth. For others, poor financial choices or low incomes meant they never had much saved.
Business Insider's '80 over 80' series draws on interviews with the growing group of Americans working past their 80th birthdays. They discussed their careers, retirement planning, living expenses, healthcare, and life lessons. If you are 80 and older and still work, fill out this form to contribute to the series and read more here:
For these older workers, every paycheck counts, and many have limited job prospects. Tracey Gendron, chair of the Virginia Commonwealth University Department of Gerontology, said economic shifts over the last few decades mean savings don't go as far as they once did.
"This idea of turning 65 and no longer working is somewhat outdated because people get to 65 and realize they have more that they want to do, but may not have the savings that they thought to live another 30 years," Gendron said.
'I know I can survive'
Most older workers with limited savings who spoke to Business Insider said they could manage daily expenses with their savings and earnings. They've developed budgeting strategies and calendars to track their finances. A handful said they've considered selling their homes. Two said they're on the verge of homelessness.
Though many have equity in their homes, they tend to view that cash source as a last resort. According to data from Fannie Mae, just 15% of older homeowners said they would consider funding their retirement in part through their home's equity.
Connie Martin, 81, owns her house with about $60,000 in equity and a few thousand dollars in her bank account. She keeps her discretionary costs low and sticks to a meticulous budget.
Martin said she's always found work, though her income has been sporadic. She's worked at banks, distribution centers, and commercial printers. When she was a single mother, she occasionally lived paycheck to paycheck.
"I've been on my own since I was 15, so I've learned how to be a survivor," Martin said. "Even though I don't have a whole lot of money per se, I know how to manage it."
Among those 75 and older, the median income in 2022 was around $49,100, down 2% from 2019, according to the most recent Survey of Consumer Finances. Median net worth among people 75 and older was $335,600 in 2022. An AARP survey found that one in five Americans 50 and older has no retirement savings.
A large subset of people working into their 80s say they are financially stable and work just a few hours a week for supplemental income or a sense of purpose. Still, many want to earn more but can't find anything beyond a lower-paying retail or nonprofit position.
"Savings can quickly be eaten up within a few years, especially if you have a health emergency," said Robert Espinoza, a distinguished fellow at the National Academy of Social Insurance. "Working without the money to survive is going to become more and more common as both the size of the older worker population grows in the years to come and as poverty and economic instability become a reality for many people."
During the Great Recession, Martin lost her job and applied for Social Security at 62, which lowered her allocation. When she later landed a job, she temporarily paid a penalty for exceeding the earnings limit for early Social Security payments. She used her 401(k) to pay for her health insurance.
After experiencing unemployment 16 years ago, she worked part-time as a phone service representative for a credit union, and recently shifted to full-time to cover a colleague's shift. She earns $17.47 an hour, which helps supplement her $1,186 monthly Social Security.
She focuses on the silver linings. She's alert, has good hearing and eyesight, and wakes up each morning feeling empowered to better people's lives through her work.
"I don't worry about the future. I know that sounds crazy, but things always seem to fall into place," Martin said. "I can always sell my house and get the equity out of it. I know I can survive."
Entrepreneurship out of necessity
Many older workers opt to work for themselves. A Business Insider analysis found that among workers 80 and older, 27% are self-employed. Americans 65 and older make up about 10.6% of all self-employed workers.
"People are working not only because they have to but because they want to, because it brings them purpose and meaning," said Gendron. "People need to hear the message that elderhood doesn't mean any one thing, but it certainly doesn't mean that you have to stop contributing."
Some older workers said they chose entrepreneurship out of necessity rather than choice, however. Nearly a dozen self-employed workers in their 80s and 90s told BI that they started their businesses in part for financial reasons. Some couldn't find a well-paying job that fit their medical needs, while others hoped they would earn more managing their own businesses.
A decade ago, Bruce Rubin, 81, had the idea to start a company selling solar-powered refrigeration facilities to reduce food waste. He filed for a patent and has worked with engineers on refining the model. However, he's struggled to secure enough funding to put the model on the market. Rubin said he only has enough saved for a few more months at his residential development.
He's considered living with his son to save money. He's also battling cancer for a third time, facing higher medical bills and fatigue.
Despite a well-paying career in sourcing and product development, he's made some financial mistakes. A few years ago, he said he got scammed out of $280,000, which he couldn't recover. He also wishes he had more financial backing when starting his business.
Rubin lives in a 55+ community and takes advantage of social and networking opportunities. He goes to a tavern each Friday and tries to have plans lined up each week. He often plays basketball and trains for the National Senior Games.
"I'm not sure what relaxing means," Rubin said. "What keeps me going is keeping active and busy, and not worrying about the cancer. I tell myself it'll get handled and I'll find the right resources."
When family is there to help
For older workers with support from family, money anxiety isn't always top of mind.
Many of the older Americans in difficult financial situations who spoke to Business Insider said they received financial and caregiving contributions from their children. A few older workers reported that they've been paid to care for family members or other older Americans.
After 70 years of work, June Boyd still relies on her biweekly paycheck to afford her daily expenses. She gets about $1,100 monthly in Social Security and $1,100 monthly from her part-time work as a receptionist for a job training program for Ohio residents 55 and older. Many lack computers or the necessary training for specialized industries. Her work was temporarily put on hold last month amid funding cuts.
Boyd, 90, was the first African American to work for her county commissioner's office and the first Black female board member of her county's board of elections. She also worked for the affirmative action office in Toledo, Ohio, and sold real estate.
"I never had any thought about stopping or retiring when I couldn't afford to do so," Boyd said. "When we get the utility bills, auto insurance, and mortgage, you don't get a discount because you're a senior."
She hasn't earned a full public employee's pension because she was three years short of accumulating 30 years of government work. Whenever she had savings that didn't go to a car or her children's tuition, she "blew it" on an unexpected expense, though she had no regrets about her spending, she said.
She helps her family during tight periods, including a daughter battling bone cancer, and gives gifts to her 14 great-grandchildren. If she ever needs extra money, she can rely on her family. She lives in a multigenerational household.
"I have no doubts about my future, but if I'm unable to work, I know my children will look out for me," Boyd said.
Making the most out of work
Some older workers with barely any savings have surprisingly few worries. They say they have just enough to get by without sacrificing their quality of life.
Karl Andrew Pillemer, a professor of gerontology in medicine at Weill Cornell Medicine, said that many older Americans are drawn to meaningful social engagement, even amid financial hardship.
"Being a greeter in a store, which may not seem like the most interesting work, is something very appealing," Pillemer said. "Some people have found Uber driving to be the perfect job because it involves a lot of interaction with people, even if it isn't very long-term, as well as flexibility."
Sally Ann McCarter, 85, worked for 43 years in a steel company's sales department, saving enough to buy land for her three-bedroom house. Because she never thought about retirement, though, she had little saved by the time she retired at 73.
Within a month or two, she was ready to unretire. Her husband unexpectedly died, and she couldn't live comfortably without a stable income.
She secured a job at the front desk for a fulfillment company, where she works four to six hours a day and helps with accounting. Her job pays about $1,450 every two weeks.
"I could make it without work, but I would have to be very careful," McCarter said, adding she gets $2,547 monthly in Social Security and $950 monthly in retirement from the steel company. "With the house and job, I'm making out all right financially, but I'm not saying I have much extra left over."
McCarter said the extra income allows her to maintain her home and pay her bills on time, but she has barely any savings.
"I'm taking each day as it comes. No one knows how long they have," McCarter said. "I don't look too far in the future because you never know. That's just life."