Older workers face growing financial pressure

Many Americans in their 80s rely on a mix of Social Security, savings and part‑time work to cover growing costs.

Older Americans Work Into Their 80s to Live Paycheck to Paycheck

A Business Insider analysis of Census Bureau data finds nearly 550,000 Americans are still working past age 80, a figure that highlights how retirement has shifted for a large part of the population. The group is concentrated in fields like education, construction, and religious services, and their work often serves as both income and purpose. One example is Sandy McConnell, 80, who earns about $50,000 a year plus $1,784 in monthly Social Security, yet faces expenses over $3,000 a month and about $70,000 in debt. Her savings are thin, and retirement remains out of reach. Across stories collected for BI, many older workers describe a similar pattern: savings empties quickly after health emergencies or job loss, while Social Security benefits barely cover basic needs.

Beyond the financial figures, the data show a broader reality: among those 80 and older, 27% are self-employed, and many say work is about meaning and social connection as much as money. Some consider selling their homes, though equity is often treated as a last resort. For many, the line between work and life has shifted from pension planning to ongoing income maintenance. In the larger picture, older workers face a mix of modest incomes and rising costs—particular in health care and housing—that makes a clean break at 65 less likely than in the past.

The statistics from 75 and older reveal a similar story: median income around $49,100 in 2022, with a median net worth of about $335,600. Yet a substantial share still lacks retirement savings, underscoring a gap between expectations and reality as the aging population grows. The piece also notes that some older people find empowerment in work, taking roles that fit health constraints and offer social interaction, while others struggle to find suitable, well-paying options.

The trend of people working into their 80s reflects a shift in how Americans approach old age. Retirement is no longer a guaranteed stop, but a spectrum of ongoing employment, budgets stretched by medical costs, and the reality that housing equity may not be quickly accessible. This creates a social texture where purpose competes with poverty, and where policy gaps in Social Security, healthcare coverage, and elder support become sharper as more people age with debt. The stories also point to resilience: communities, family networks and flexible, low-barrier jobs help some stay afloat. Yet the underlying fragility is clear. If the country wants a stable aging population, it must reframe retirement the same way it did health care and housing costs with policies that reduce risk, not just patch debts.

Highlights

The story invites a broader look at what security means in old age