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American Morning

With Americans Living Longer, They're Facing New Questions About Retirement

Aired March 07, 2002 - 08:44   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: With Americans living longer and healthier, they're facing new questions about retirement, not only what to do in retirement, but whether they'll be able to retire at all. An increasing number of them believe they will continue working past 65. More than four million people are already doing that. For some, it's because they want to keep working, but many others facing financial problems simply have no other choice.

Here's Mark Potter.

(BEGIN VIDEOTAPE)

UNIDENTIFIED FEMALE: I don't see one. Now what we going to do about that?

OK, who is the nurse?

UNIDENTIFIED FEMALE: Marsha.

UNIDENTIFIED FEMALE: Marsha.

MARK POTTER, CORRESPONDENT (voice-over): Mildred Laperche is a full-time emergency room nurse at Baptist Hospital of Miami. She is 82 years old, still going strong. Thirteen years ago, she retired, but for only four weeks. She was fine financially, but missed the challenges of work, and couldn't imagine sitting home with nothing to do.

MILDRED LAPERCHE, EMERGENCY ROOM NURSE: It would be watching the Food Network. It would be playing solitaire. It would be walking my dog. It would be useless.

JUANITA REED, MCDONALD'S EMPLOYEES: Thank you. Have a nice day and come again.

POTTER: Juanita Reed is 74. After her husband died, she went to work at McDonald's in Tamarach, Florida, in part, to be with people.

REED: Long time no see? You've been away?

POTTER: She also likes the regular schedule, and can use the money. REED: I really enjoy getting up and out, and the extra money does help. With the way that the economy is today, if you can work, do it.

POTTER: Labor statistics show a slight but steady increase in older Americans working in their retirement years, especially women. And with the first of the Baby Boomers approaching retirement, more and more people are expected to work later in life, and not just because they want to.

CLARE HUSHBECK, AARP LABOR ECONOMIST: People are looking out there and seeing, my goodness, 30 years of retirement. Do I have the wherewithal to afford that?

UNIDENTIFIED MALE: I find it financially difficult.

POTTER: At a senior employment center in Miami, applications from people in their 60's, 70's and 80's the rise. Many are desperate for work.

IVONEE SOCORRO, AARP EMPLOYMENT CENTER: We have people that have literally sat here and they've cried their stories, and they cry, and they need, please find me a job, because I need this. I'm alone. Either they're divorced or their spouse died, and I can't keep up with my payments.

POTTER: Many seniors complain of rising health costs and diminished pension benefits, and say Social Security isn't enough. In a survey of Baby Boomers, 80 percent of those questioned by AARP said they plan to keep working, at least part time in their retirement years. A third of them predicted they, like nurse Mildred LaPerche, will want to keep working, but a quarter said they will need the money.

Mark Potter, CNN, Miami.

(END VIDEOTAPE)

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