This 88-year-old veteran got $1.5M after losing his pension, but you won’t get a viral bailout. Here’s how to avoid his retirement nightmare

And he's not alone, as his case echoes national trends. For example, workers age 75 and older are the fastest-growing segment of the country's workforce, Pew Research notes. About 9% of U.S. adults in that age group are employed, roughly double the share from 1987 (2).

What's more, a large share of workers lack employer retirement plans — nearly half the private-sector workers, or 56 million, Pew Research estimates (3). Benefit pensions that once protected retirees have diminished sharply, leaving many dependent on Social Security and personal savings.

And out-of-pocket long-term care costs make the picture worse. Industry data shows nursing-home care can exceed six figures: Genworth’s 2024 Cost of Care Survey reported national median annual rates of about $111,325 for a semi-private nursing-home room and $127,750 for a private room* — figures that can rapidly deplete lump-sum payouts (4).

Why social media is not a strategy

While crowdfunding can help, as it did for Bambas, it's an unreliable backstop. Analyses of hundreds of thousands of campaigns find that only a small minority reach their goals; many raise little or nothing.

One large analysis estimated that roughly 17% of U.S. medical and emergency GoFundMe campaigns met fundraising goals, Fast Company reports (5), while an academic study in 2022 of people raising money to help with costs related to diabetes found only 8% raised their goal amounts (6).

In short: viral generosity is the exception, not the rule.

Take practical steps now to reduce risk later

Bambas’s story is a sad one — and all the more so because it could happen to almost anyone. But don’t let it send you into a panic. Here is a practical checklist instead. Here are some concrete moves to reduce the chance you’ll need to try to orchestrate a viral rescue — one that may never come.

• Stress-test your plan for shocks. Consider scenarios where a pension is lost, a spouse needs long-term care or you need to work into your 70s. Assume the higher end of health and care costs.
• Diversify income sources. Don’t rely on a single pension or Social Security. Build taxable savings, a Roth or traditional IRA and, if possible, part-time income or annuity options that guarantee a baseline payment.
• Prioritize long-term care planning. Investigate long-term care insurance early (rates rise with age), or set aside a dedicated “care account.” Even modest, regular contributions can reduce catastrophic risk.
• Confirm pension stability and choices. If you were offered a lump sum in past years, revisit whether that was spent or invested, and get a benefits statement and legal advice about survivor benefits. Employers and administrators sometimes provide buyback or survivor options.
• Use veteran and public benefits. Veterans may qualify for health, pension or caregiver supports that reduce out-of-pocket drains. If applicable, check Veterans Affairs resources and local elder-services counselors.
• Create a liquidity buffer and executor plan. Keep an emergency fund, document accounts and name a trusted financial advocate (including power of attorney and a trusted contact) so decisions aren’t delayed if a crisis arrives.

Ed Bambas’s gift is a powerful reminder of both human generosity and of the fragility of many retirees’ finances. But counting on strangers, an influence or crowdfunding isn’t a retirement plan.

So, use his story as motivation: review your pension paperwork, model worst-case costs (including long-term care) and build multiple, solid income streams, so you’re never more than a plan away from financial stability.

• Based on $305/day and $350/day, 365 days per year

Article Sources

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TikTok user Itssozer (1); Pew (2); Pew (3); Genworth (4); Fash Company (5); JMIR Diabetes (6)