In Spain There is an ordinary legal retirement age that will be 67 years, although this does not mean that it is the required age to retire, and workers can wait if they wish. Although this is not the same in other countries in the world, such as the United States. It is the case of Cynthia Murray, a supermarket employee who at 67 years old regrets not being able to retire after a long working life, of which he has spent the last 20 years working in one of the largest companies in the United States, Walmart.
In an interview with the media flaglerlive says “soon I’m turning 67 and I’d love to retire. on my birthday. If so, I would celebrate by spending the afternoon at the mall with my daughter and then start planning little trips to visit my relatives.”. But despite having dedicated 22 years of his life to working at Walmart, his low payroll and not receiving benefits do not allow him to raise enough money to retire.
She’s not the only one. Many of their peers face the same situation, trapped in a system that does not adequately reward long careers of contributions in precarious jobs. While some employees struggle to make ends meettop executives enjoy privileges that further widen the gap between both extremes, that is, between rich and poor.
A salary that does not cover retirement
Cynthia Murray earns $16.83 per hour (about 16 euros at the exchange rate in 2023) and, in addition, they have to face medical insurance that has a very high cost (in the US there is no Social Security like here in Spain). This worker explains that, under these conditions, it has been impossible for her to save enough for her retirement. Although Walmart offers a retirement savings plan called ‘401(k)’, in which the company complements part of what was contributed, its complicated economic situation has barely allowed it to contribute to this fund. “With my salary, I haven’t been able to save much for what should be my ‘golden years’”, he laments.
It is not an isolated case. According to official data from Walmart, 46% of its employees do not have a single dollar saved in their 401(k) accounts, intended for retirement. This situation contrasts overwhelmingly with the figures of the company’s senior executives. “Would you believe Walmart CEO Doug McMillon has more than $169 million in his retirement account?“, comments the worker, highlighting the enormous economic inequality between rank and file employees and management.
The pension is not enough for everything
A report from the Institute of Political Studies, cited by this worker, reveals that senior executives at companies such as Walmart, Home Depot or McDonald’s benefit from retirement plans that allow them to accumulate large amounts of money tax-free, known as “top hat beads”. “That is, if workers could afford to contribute from the beginning”, he clarifies, pointing out that in many of these companies more than a third of employees with 401(k) plans have not been able to save a single dollar for their retirement.
For her, this inequality is difficult to accept. “It’s not fair That CEOs have so much savings while many of their employees have to postpone retirement. Seriously, who is really putting so much effort into these companies?”, he reflects. And he concludes: “Without frontline workers like my coworkers and I, those CEOs wouldn’t make a profit”.
In the interview, the worker claims that companies must “increase salariesgive us at least two weeks of paid leave (kind of like a vacation), and ensure we have affordable health benefits. That way, workers can stay healthy, put food on our tables, keep a roof over our heads and save money for retirement.”.
It also requests that there is a fairer tax system and not always benefiting large fortunes. “Right now, people who make more than $1 million a year stop paying the payroll taxes that fund this benefit in February. They should pay all year like the rest of us“, he defends at the same time that he asks to eliminate tax-free executive retirement accounts and allocate that money collected to the Social Security guarantee fund.
Retirement beyond 67 years of age
Far from aspiring to a life of luxury, this hardworking He just wants to retire and be with those he loves, his family.: “I don’t have any big retirement fantasies: no yachting or staying in luxury resorts. What really matters to me is my family”. After years of effort, he regrets having missed many family gatherings and special occasions because of work. “Now I would simply like to make up for it by spending more time with my family, including my grandson, who just graduated from college.”, he expresses.
Despite living in one of the richest countries in the world, this worker reflects on her situation: “In the richest country in the world, it doesn’t seem like much to ask”, he concludes.