Older Americans are increasingly unable to afford retirement

For the first time since 1940, Americans who have reached retirement age are in a worse financial position than their parents during retirement.

An estimated 10 million Americans over 65 are forced to continue working, a number that has more than doubled since 1985, writes CBS News.

“If I had planned more diligently when I was younger, and if the situation had turned out better, I would not have gone to work this morning. I would go fishing or hunting. Or go on a little trip somewhere,” Tom Coomer said.

He admitted that he often thinks about it and blames himself for the insufficient amount of retirement savings.

At 80, Coomer still works part-time at Walmart in Oklahoma five days a week. Coomer is one of nearly 10 million Americans over 65 who are forced to continue working.

In 1994, aerospace manufacturer McDonnell Douglas closed its plant in nearby Tulsa. Kumer, a machinist, worked there for 29 years.

“Suddenly the loudspeaker came on and said, 'Attention, McDonnell Douglas will close in 60 days.' We stopped, looked at each other and thought, “What’s going on?” To me, it was just like someone coming up and punching me in the face,” Coomer said.

He was 56 years old, he had eight classes of education, and he lacked one year to the right to receive a full pension. In financial terms, the Kumerov family never anticipated the closure of the company they had hoped for in obtaining a decent pension. Over the years, they have spent their retirement savings, moved to a smaller house and began to lead a more economical lifestyle, but still have to pay a mortgage, which they may never be able to repay.

The average American older than 65 lives for about 4 125 dollars per month. With a salary from Walmart, social security and a partial pension, Tom and Ellen Kumer live on roughly 3 100 dollars a month.

Tom's 63-year-old wife has four heart blocks and diabetes. He checks her condition during each of his breaks at work.

“I think about her all the time, we have lived together for too many years. I can’t afford to lose her,” he said.

Tom Kumer worries that he can never afford retirement.

“He loves to work and has to work. But I also feel guilty that he has to work at his age,” admitted Ellen Coomer.

“It hurts me that I can’t do what I want for her,” Tom noted.

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