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Emma Echols, 68, lives frugally in Alabama on Social Security and income from part-time bus driving.
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She receives $1,056 a month from Social Security and doesn’t think she can retire, despite working since she was 12 years old.
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Echols believes more retirement benefits and respect should be given to lifelong workers.
Emma Echols, 68, lives on $1,056 a month in Social Security and a part-time job as a bus driver in Alabama. She said she can never retireBut she’s not too worried.
Echols has worked since he was 12, as a chef, general manager of a convenience store and bus driver. Throughout her life, she was rarely financially stable, although she kept her bills low. living frugally and give to others when she is able.
Although it is unlikely that she will be able to take time off from work Soon, she will remain active in her community to help others in situations worse than hers. Still, she thinks people like her should receive more retirement benefits and respect.
“I’ve always worked for what I needed or wanted without public or government assistance, but the people who didn’t work have really good housing,” Echols said. “Our world is messed up. They reward those who do nothing, who don’t pay their bills on time, and not those who are teachers who have given the system 50 years of their lives. I know teachers who knew exactly how many times a month they could wash your clothes to pay your electricity bills.”
Millions of Americans who reach or approach the typical retirement age of 65 have no savings to stop working. Dozens of older Americans told Business Insider this year they cannot retire as some estimates say retirees need well over a million dollars to retire comfortably. This is particularly out of reach for more than half of Americans over 65 who do less than $30,000 per year, according to the Census Bureau’s Current Population Survey.
While Echols said he wouldn’t know what to do with more than $1 million, getting more than $1,000 a month from the government would be a big help.
Working all my life, but fighting
Echols got her first job at age 12 as a babysitter, and at 14 she served soda and popcorn at a drive-in movie theater. Almost six decades later, she hasn’t stopped working since.
“I always wanted to make my own money,” Echols said. “I always wanted to work and, when I was 14, someone opened my Social Security record for me. I waited 45 years to get that paycheck.”
She worked as a chef at a seafood restaurant for over a decade, which put her in a “very good income range.” At age 27, she enrolled in a community college but did not graduate.
She moved to another company for nine years doing minimum wage – $3.35 at the time – then got a new position as an assistant manager at a convenience store, paying more than $11 an hour, although she was later fired. She recognizes that she – and others of her generation – should have been more informed about savings and investment strategies.
More than two decades ago, she took a job as a bus driver making about $9 an hour, although that amount has increased over the years to about $26 an hour. She also receives health benefits and is building a pension.
“Before my rate went up, I wasn’t even making enough money to be able to pay $500 to $600 a month in rent,” said Echols. “I make a good income at my part-time job, where I have good benefits, but I understand the struggle of all seniors. For federal government housing, they don’t want you to have more than $1,500 a month in income to qualify for one of their houses or apartments.”
Live frugally and selflessly
Your monthly expenses are $500 for rent with an extra water and trash bill, $95 for phone and internet, almost $500 for car payments, $89 a month for car and renter’s insurance, and about US$300 for transportation costs. She rarely eats out and tries to avoid spending on meat to reduce costs. She is saving for new tires and car maintenance fees that can cost $400.
“I live frugallyand I only buy what I need,” she said. “I’ve always been a clearance shopper, even a little frugal.”
She rarely spends on entertainment, occasionally watching a $5 movie near her home. She tries to stay healthy to avoid additional medical costs and keeps furniture and clothing purchases to a minimum.
She is preparing to move from her suburban duplex to an efficiency apartment in her city to reduce her transportation and car insurance expenses since she can walk to work.
Her Social Security is $1,056 per month, a 25% reduction from her potential total benefit because she accepted advance payments. She said it helps her cover rent and some other expenses, although she said she needs to work to supplement other costs and plan for her future. She has very little debt.
“People my age, we work at a time when incomes were low, and I know people whose Social Security is $1,400, $1,500 a month, and that’s not enough to live on,” Echols said. “I don’t see myself in a position to retire, but I’m grateful and healthy.”
She said two of her sisters are in nursing homes, while her other two sisters have health problems. She gives her family members gifts when she can and tries to help them financially if she has money left over.
Echols also said some of her friends are dealing with similar situations, as many live on a fixed income and struggle to pay all their bills.
She said religion has empowered her to continue giving what she has to help others in even worse situations, as she believes she will be rewarded for her efforts and will never be homeless. If she had more money, she said she would use it to start a program to assist other women in difficult financial situations.
“I’ve never worried, because despite what our world looks like, what’s going on in the world, I truly believe that God has the final say,” Echols said.
Are you worried about retirement? Contact this reporter at nsheidlower@businessinsider.com.
Read the original article at Business Insider
