24.6.27 In pricey Seattle, many older adults eligible for retirement keep .

[김상태]

This story is part of a Seattle Times focus on the affordability crisis in the Northwest. In an occasional series of stories, we will explore the high cost of living and wealth disparities that shape our region; examine policies that impact prices for everything from housing to health care; and offer tips for making your money go further. 

Debbie Lux, 68, continues to work full time at Costco, which provides better health care benefits than Medicare would. In Seattle, an estimated 1 in 4 residents age 65 and older are in the workforce.

오늘의 이야기는 시애틀타임스가 북서부지역의 경제성위기에 집중해서 보도한 기사의 일부이다. 우리는 때때로 이야기를 시리즈로 만들어 우리지역을 형성하는 높은 생활비와 부의 불균형을 탐구하고; 주택부터 의료서비스까지 모든 물가에 영향을 주는 정책을 검토하고; 당신의 돈을 더 벌기위한 비결을 제공할것이다

Debbie Lux has big plans for her soon-approaching 70s and beyond: She wants to travel, spend time overseas with her family and continue as a part-time caregiver for her friend.

One thing the 68-year-old doesn’t plan to do anytime soon: retire.

Lux works full time at Costco in Seattle, stocking merchandise at the warehouse in the early mornings. Some of her younger colleagues teasingly call her “Grandma.”

Her work diverges from what she envisioned her life would be like when she was younger, when she thought she might be able to retire at 55.

But she once ran a restaurant that left her with little savings, and her medical costs would be thousands of dollars if she didn’t have health care coverage through Costco, her employer for nearly two decades. So she stays working.

그러나 한번 식당을 경영했던 그녀에게 별로 저축이 없었고 만일 20년 가까이 일했던 직장 코스트코를 통해 의료보험에 들지 않았더라면 그녀의 의료비는 수천 달라가 들었을것이다. 그래서 그녀는 계속 일하고 있다

In Seattle, an estimated 1 in 4 residents age 65 and older, like Lux, are in the workforce, according to a study that analyzed data from the U.S. Bureau of Labor Statistics and Census Bureau. That’s greater than the average 1 in 5 across the U.S., where thousands of baby boomers each day reach the ages when American workers become eligible for retirement benefits.

Seattle ranked 26th among U.S. cities for its percentage of employed older adults. Vancouver and Tacoma, meanwhile, were listed among the bottom 15 of more than 150 cities, with between 15% and 16% of older adults remaining in the workforce, according to a study by product research company Chamber of Commerce.

Myriad factors go into a person’s decision on when they want to and feel they can retire. Some would-be retirees may enjoy their work and see no reason to stop. Others may try to stay for a few extra years beyond what they planned to maximize their benefits. But for many, the high and rising cost of living in the Seattle area plays a significant role.

“For some people, they love what they’re doing, so they want to do it for as long as they can. For others, they really look forward to not working for a living,” said Robby Stern of Puget Sound Advocates for Retirement Action. “Of the 1 in 4 [Seattle residents still working], I wouldn’t draw the conclusion that all of those are because they can’t afford not to. But you can be sure that for a significant percentage of that 1 in 4, that’s probably true.”

Access to workplace retirement savings plans

Across Washington, 43% of all private-sector workers don’t have access to retirement savings plans at their workplace. Non-white workers as well as those with lower levels of education and younger age groups are less likely to have access to retirement plans.

In responses to The Seattle Times, readers recounted having savings that no longer keep up with the high and rising costs of housing, food and health care, or worrying about one emergency that could dry out their savings. They described downsizing in the Seattle area or choosing to move somewhere else and still needing to work to pay a mortgage or rent.

시애틀타임스에 조사에 응답한 독자들은 그들의 저축이 상승하고 있는 주택비, 식료품비, 의료비들을 따라잡지 못하거나 한번의 긴급상황으로 그들의 저축이 바닥날것을 걱정하고 있다고 대답했다. 그들은 시애틀지역 내에서 주택규모를 줄이거나 다른지역으로 이사를 선택했지만 여전히 모기지나 집세를 지불하기 위해 일을 해야한다고 설명했다

Many asked that their names not be published because they didn’t want others to know about their finances or financial struggles.

Among them was one woman in her 60s who lives in the Seattle area and has multiple streams of retirement income between her and her husband — he served in the military and they have more than a half-million dollars saved. They’re uncertain about the economy, still support one of their children in college and want to help out another with their grandson. So they still have full-time jobs.

Today’s retirees are more likely to be depending on Social Security and retirement savings rather than a traditional pension, according to David John, a senior strategic policy adviser at the AARP Public Policy Institute. That can add a level of uncertainty and anxiety over how long the money is going to last, he said, and converting from savings to income, in addition to Social Security, can be complex and a harder move than pensions of the past.

“The pensions were structured, a known amount, and you could budget and plan for that, so it was a fairly easy transition,” he said. “Now we are in the case of where you have this lump sum of savings, and there is a question of how do I manage it?

"연금은 구조화되어있고 액수가 정해져있으며 연금에대한 예산과 계획을 세울수있다. 따라서 아주 쉽게 전환할수가 있다"고 그는 말했다. "이제 우리는 일시불로 나오는 이 저축액을 마련해놓았는지, 이것을 어떻게 관리해야할까 하는 질문이 생겼다

Do I leave it in stock markets? Do I buy something like an annuity? How long am I going to live? What is my health going to be?”

A workplace retirement plan also isn’t a guarantee. Across Washington, 43% of all private-sector employees don’t have access to retirement savings plans where they work, according to a 2023 Pew Charitable Trusts report to the Washington State Department of Commerce. For part-time workers, that percentage increases to 65%. Workers in the public sector are more likely to have retirement benefits like pensions. 

Health is one of the main factors in Lux’s decision to keep working. She takes a medication that could cost $5,000 every three months without her health coverage from Costco, where she has worked for more than 20 years. She would have to pay far more than she does now if she had Medicare, the health insurance program for people 65 and older.

She feels fortunate to have savings for when she does retire but still worries about her medical care.

“A health care setback can be so expensive, and I don’t want to be wiped out financially for my health,” the West Seattle resident said. “That is the biggest fear I have.”

Across the U.S., about 1 in 4 people ages 50 and older say they expect to never retire, according to a study this year by AARP. Seattle resident Rob Harrison has a similar outlook. At 69, the architect isn’t sure how long he’ll stay in the workforce — only that it’s for the foreseeable future.

“At this point, I don’t plan on retiring,” Harrison said. “I don’t see any way that I could. It’s just not in the cards.”

Savings have gone toward his rent for an apartment he shares with his son. He didn’t pay as much into Social Security as he would have had he been an employee, so the amount he would receive each month wouldn’t be enough to cover his monthly rent. For retired workers, the average monthly Social Security retirement benefit in January 2024 was $1,907, according to the Social Security Administration. In the Seattle area, the median Seattle rent for a one-bedroom apartment hovers around the same amount.

저축한 돈은 아들과 함께 살고있는 아파트의 임대료로 사용되었다. 그는 현직에 있을때 넣어야할만큼의 액수를 사회보장에 납부하지 않았기때문에 매달 받는 금액으로는 그의 월세를 내기에 충분하지 않았다. 사회보장국에 의하면 은퇴한 근로자들에게 2024년 1원에 지불된 평균사회보장 퇴직연금은 $1,907 이었다. 시애틀지역에서 침실 1개인 아파트의 중간정도 임대료는 대략 같은 금액이다

At 69, architect Rob Harrison is still working to keep up with his Seattle rent. While he likes his work, “I definitely could have planned better.” 

Harrison is looking into more affordable housing options in the state, maybe cohousing on the Kitsap Peninsula or living on a boat that he can sail. He loves his profession, he adds, and would likely have kept working even if he could afford to retire.

“I definitely could have planned better,” he said. “I am not going to in any way claim that this wasn’t avoidable. I certainly take responsibility for the situation I am in, but it does stress me out at times.”

Stern, of the PSARA, thinks any blame should be set on the retirement system — or lack thereof — rather than the individual workers.

“It’s larger than Seattle,” Stern said. “We have a problem in our country where Social Security is absolutely great, but it’s not enough. I don’t go along with the notion that the problem is that people just aren’t willing to save enough. I think it’s wrong.”

Anita Wahler’s head is filled with retirement-related calculations. The technical writer and editor would like to have five solid calendar years of steady higher income when her Social Security payments are determined. If she waits to retire until she’s 70, her Social Security payments will be about a third higher. She’s 66 now and starting to wonder how long she’ll be able to hike and do physical things she loves.

“It’s a difficult trade-off, one I struggle with often,” she said.

She cared for her parents at the end of their lives when they had scant financial resources. Her father, a psychologist, and her mother, a music teacher, thought they had prepared well for a comfortable retirement, but it wasn’t enough. She doesn’t want that for herself or her children.

Another reason she hasn’t retired: her colleagues. She lives alone and worries she would be lonely without them. Even when working remotely, she feels connected to others and values that connection.

“They light up my day,” she said.

Studies have shown varied results on the impact that delayed retirement has on the economy and workers. In some cases, a younger worker may be blocked from advancement because a would-be retiree has stayed in the role or taken a different career path. But a multigenerational workforce is far more likely to be effective at finding solutions, according to John of AARP.

“You are mixing a group of people who are up and coming and energetic with new skills with those who have a vision of the past and can put things into a different perspective,” John said.

As she awaits retirement, Lux enjoys working with her colleagues of different age ranges — even the ones who call her “Grandma.”

“I say, ‘Why do you call me that? I am not your grandma,’” she said. “But they are joking with me. Don’t worry, I hand it back to them. I have a funny sense of humor.”