When Retirement Never Comes

08:31

September 25, 2013

Tom Palome was an executive at Oral-B. Today, the 77-year-old juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam’s Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage. (Phelan M. Ebenhack/Bloomberg)

When you think of retirement, your mind may jump to visions of travel and family and relaxation — not flipping burgers. But a report in Bloomberg News is telling a different retirement story, one of no retirement at all.

About 7.2 million Americans age 65 and older were employed last year. That's a 67 percent increase from a decade ago. Federal Reserve data reveals that 59 percent of households headed by people who are 65 and older have no retirement account assets at all.

Carol Hymowitz of Bloomberg News, joins Here & Now to talk about her reporting.

Bloomberg: At 77 He Prepares Burgers Earning in Week His Former Hourly Wage

Guest

Carol Hymowitz, an editor-at-large for Bloomberg News.

This segment aired on September 25, 2013.