Jan 26, 2026
Most people assume they’ll be long retired by the time they reach 80. But that’s not always the case. Many Americans are still working into their 80s, and not always out of choice.
Sharon Albrecht, 84, retired from hospital nursing more than a decade ago but quickly learned that Social Security alone wasn’t enough to support her lifestyle. Now, she drives an Uber to cover her bills. “I try to make at least $250 a week,” she told Business Insider (1).
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Albrecht isn’t the only person in this situation. Nearly 550,000 Americans aged 80 and older are still in the workforce. While some continue working for social connection or a sense of purpose, many do so out of necessity, squeezed by rising living costs, medical expenses and insufficient retirement savings (2).
Business Insider spoke with nearly 200 older workers. Their stories showcase their resilience but also a pattern of financial regrets, the same mistakes many people are still making today.
Here are the biggest lessons they learned the hard way, and what you can do now to avoid repeating them.
Regret #1: Feeling too young to think about retirement
Sharon Albrecht, now 84 and driving Uber to make ends meet, admits she never imagined she’d still be working at her age.
“I was a hippie, and I was all about living in the here and now,” she told Business Insider. Like many of her generation, Albrecht assumed things would sort themselves out eventually.
As the U.S. shifted from pensions to 401(k)s, the responsibility of retirement planning moved directly onto workers.
The lesson: Small contributions into your 401(k) can lead to decades of compound growth. The earlier you start, the less you have to save later.
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Regret #2: Selling investments during a financial downturn
David Hugo Barrett is an 82-year-old who once earned a six-figure salary as a vice president at a communications company. Layoffs led him to tap into his 401(k) early — and during a 1990s market downturn, he panicked and sold his investments at the worst possible time.
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“I might have a degree in mathematics,” he said. “But it doesn’t mean I’m financially literate.”
Today, Barrett works part-time as a substitute teacher. Missing even one paycheck makes his budget unravel.
The lesson: Panic-selling during market declines is one of the most damaging financial mistakes a person can make. Younger workers should remember that volatility is normal and retirement accounts are designed for decades-long horizons.
Regret #3: Not saving enough, or at all
Some older workers interviewed didn’t under-save by choice — their incomes were inconsistent, unpredictable or simply too low to save.
That was the case for Luis Bautista, 82, a former professional drummer and healing practitioner.
He never accumulated retirement savings, and travel-related expenses combined with inflation repeatedly set him back.
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The lesson: Automatic deposits and regular contributions can help Americans build a life for retirement.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Regret #4: Wages never kept up with the cost of living
For Kathy Curtis, 81, the issue wasn’t a lack of effort. She started working at 15½, raised children on her own, and at one point held four jobs simultaneously. But inflation and stagnant wages eroded her buying power year after year.
“The cost of living has gotten out of sight,” she said. “There is no safety net for the elderly.”
Her Social Security covers only her mortgage and insurance. She still needs to work — earning about $18 an hour as an administrative assistant — to pay for everything else.
The lesson: Relying solely on wages leaves many older Americans vulnerable to inflation. Building multiple income streams like savings, investments, part-time work or employer benefits can help protect against rising costs.
Preparing for retirement
Americans are living longer, healthcare costs continue to rise and many workers underestimate how much they’ll need, especially as inflation erodes purchasing power over decades.
Pew reports that a growing number of people aged 65 are still working (3). Meanwhile, the Bureau of Labor Statistics reports that the labor force participation rate for workers aged 75 and older is projected to increase by 10% by 2026 (4).
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The older workers interviewed repeatedly point to the same pitfalls, and these are the lessons they hope younger generations hear now:
- Under-saving early: Small and consistent contributions into the stock market or retirement accounts can lead to decades of compound growth.
- Never rely on Social Security alone: Social Security benefits were never designed to replace a full income, especially for those with longer lifespans.
- Don’t panic during downturns: Selling investments in fear can permanently derail long-term retirement plans.
- Plan for healthcare and longevity costs: Living longer is a gift but can also be costly.
- Assuming steady work forever: Layoffs, health issues and age discrimination can arrive without warning.
“One day, you’re going to be old,” said Barrett. “You should begin to plan for that now” (1).
Retirement has changed, and pretending otherwise is how people end up still working in their 80s, not because they want to, but because they have to.
If there’s a thread connecting all of these stories, it’s not a lack of effort, it’s a lack of preparation. These are hardworking Americans who raised families, built careers, survived recessions and kept going even when life threw obstacles their way.
Their stories highlight why proper planning for retirement is so important. With the right plan, you can retire comfortably without needing an extra job to survive in your 80s.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Business Insider (1, 2); Pew (3); BLS (4)
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Monique Danao is a highly experienced journalist, editor and copywriter with 8 years of expertise in finance and technology. Her work has been featured in leading publications such as Forbes, Decential, 99Designs, Fast Capital 360, Social Media Today and the South China Morning Post.
