Retiring comfortably at 65 is now out of reach for millions of Americans. Tom Coomer was a machinist at the aerospace manufacturer McDonnell Douglas for 29 years, but the plant closed one year before he was due to get his full pension. Now 80 years old, he works as a greeter five days a week at a Walmart in Oklahoma.
While Coomer and his wife have downsized their lifestyle, it’s still hard for them to make ends meet. They’re just two of nearly 10 million Americans still working past the age of 65.
According to CBS News business analyst Jill Schlesinger, Americans are facing three main obstacles to retirement. They’re living longer, median wages have stagnated over the past 20 years and a shift from pension plans to 401(k)s have all put a burden on employees.