[Video] An 82-year-old Uber driver's regret: How different would my life be if I had savings?
I am aUberThe driver is 82 years old this year. Sometimes I wonder if there are other 84-year-old drivers on the platform? To be honest, I really wish I could retire now, but the reality is—I have to keep working.
Table of contents
I have no retirement savings.
When you're young, you always feel like you have plenty of time.retireIt's a long time ago. I used to be a...hippieI believed in "living in the moment." Looking back now, that was perhaps the most serious financial mistake of my life.
The cost of living is staggering, and the social safety net for the elderly is so weak. Every month's bills leave me breathless—everything is getting more expensive, and my income isn't keeping up. I grew up in poverty, and that fear is ingrained in me, driving me to this day to never stop working.But how I wish someone had told me when I started my first job at 15 and a half: start saving for retirement right away.
A winding career path: from drummer to vice president, yet never quite enough.
My career path has been quite diverse:
- Professional drummer (15 years; used to love keeping drumsticks by his bedside and getting up early to practice).
- Cocktail waitress
- Food truck driver
- Cable TV company employee
- Nursing staff (want to help people, but not their first choice of profession)
- General Electric Computer Programmer (Entering an Emerging Field with a Mathematics Degree)
- Healers
- Vice President of a telecommunications company (annual salary of $115,000)
Does that sound lucrative? But at each stage, my salary was "far from enough to make ends meet." Even at my peak around 2010, when I earned $100,000 a year, I still struggled to make ends meet—especially as a single mother raising her child and working four jobs simultaneously after my divorce, seven days a week.
Financial Decisions I Regret
1. Access to retirement accounts
After being laid off twice, I used money from my 401(k) retirement account to make ends meet. If I hadn't done that...My account probably has over a million dollars today, enough to live off the interest alone.Now I often wake up in the middle of the night, filled with regret, shouting, "What have you done?"
2. Panic selling in the stock market
In the early 1990s, when the stock market crashed, I panicked and sold all my stocks. I have a math degree, but financial acumen is another matter entirely.
3. The net worth of the property vanished.
Before the 2008 financial crisis, I decided to sell my house and move to Texas. The buyer later lost his job, the deal fell through, and almost all the equity of my house evaporated.
4. Burdened with debt
I currently have about $16,000 in debt (partly due to travel debt), and someone owes me $60,000. These are huge sums for me.
The reality at 82: Work is not a choice, it's survival.
I work 3-4 days a week, aiming to earn at least $250. $18 an hour used to sound good, but now "if I miss a paycheck, the consequences will be severe." Social security is barely enough to cover my mortgage, insurance, and basic expenses; I have to work to eat or do anything else.
Older adults are often overlooked and undervalued. It's virtually impossible for someone in their 80s to find a job—I went to countless interviews but was never hired. Age is easily revealed in applications, becoming an invisible barrier.
The contradictory values brought about by work
Nevertheless, work also has its meaning:
- Keep your mind activeIt makes me feel like my feet are firmly planted on the ground.
- Social LinksBecome a part of my social life
- Tiny freedomUber is like "a small income stream" that allows you to earn money when needed.
- Influence othersWhen I'm teaching as a substitute teacher, I can use my own experiences to influence young people.
Passengers often give me five-star reviews, praising our conversations. This makes me feel that I still have value.
The persistence of lifelong learners
I am still growing:
- Learn Swahili using Duolingo
- Learn to build websites and use social media to promote yourself
- I've become interested in AI and want to use it to assist in my healing work.
- Stay curious and want to participate in this "frightening yet amazing new world".
When I look in the mirror, I often forget that I'm 82. I don't mind my age, I just don't want to "look like I'm in my 80s." Aging is indeed difficult to face—body parts deteriorate over time, and health challenges follow one after another. But I'm grateful to have lived to this age.
Heartfelt advice for young people
If time could turn back, I hope someone would tell me:
- The Miracle of Compound InterestIf you start saving $25 a month from age 25 and use compound interest until age 65-70, you could become a millionaire.
- Seeking professional helpConsult a financial planner to understand the value of saving and investing.
- Choose a job you loveYou will work your whole life; find a career that makes you happy.
- Seize the momentDon't wait for the "future" to do what you want to do—that future may not come, or your physical or financial situation may no longer allow it.
- Fulfill your wishes one by oneComplete your wish list gradually throughout your life, rather than waiting until the end.
My deepest regretI didn't start saving early enough, and I didn't seriously prepare for retirement. Now everything is getting more expensive—food, car repairs, insurance. I've learned to live frugally: looking for discounted chicken and fish, cooking nutritious meals myself. But this kind of calculating every penny shouldn't be the picture of anyone's later years.
At 82, I'm still driving, not out of passion, but out of necessity. My story isn't meant to elicit sympathy, but as a stark warning:Start saving money for your future self today. Because when you're 82, you definitely don't want to wake up in the middle of the night regretting the choices you made when you were young.
Postscript: I am 81 years old now, and I am very happy to have lived to this age. I will not have to celebrate my birthday until I am 85 or 90—which is perhaps one of the few benefits of getting old.
The following is about retirement preparation.10 Key FAQsThis incorporates the lessons learned and practical advice from that 82-year-old driver:
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When should I start saving for retirement?
The answer is: Start now, the sooner the better.
Even if you only save a small amount each month, the power of compound interest will make time your greatest ally. The driver lamented, "If I had started saving $25 a month at age 25 and used compound interest, I could have been a millionaire by age 65." Procrastination is the biggest enemy of retirement planning. -
How much money do I need to save for retirement?
The goal is to earn approximately 70% to 80% per month after retirement, which is equivalent to 70% of pre-retirement income.
Consider inflation, healthcare costs, and the cost of living (such as the financial burden of bills faced by an 82-year-old driver). Trial calculation formula:
Required savings = Expected annual expenses × 25 (applicable to the "4% rule": withdraw 4% of savings each year as living expenses).
For example: if you need 30,000 yuan per month, that's 360,000 yuan per year, then your target savings would be approximately... 9 million yuan. -
Which retirement savings tools should I choose?
Priority order:
Employer-provided retirement plan(such as 401(k), retirement account), especially when there is employer matching.
Individual retirement account(IRA, Roth IRA).
Low-cost index funds or ETFs(Long-term investment).
Emergency Reserve Fund(Avoid using retirement savings for emergencies, as exemplified by the lesson of a driver who withdrew from his 401(k) due to unemployment). -
If I lose my job or need money, can I use my retirement savings?
Strongly recommended: Do not use this in advance unless in extreme circumstances.
The driver lamented, "If I hadn't used my 401(k), I might be living off the interest now." Early withdrawal results in the loss of compound interest and could also lead to penalties and taxes. Prioritize establishing... 3-6 months of emergency reserve funds Responding to emergencies. -
How should I deal with market volatility (such as a stock market crash)?
Key point: Don't panic and sell!
The driver sold all his stocks during the stock market crash of the 1990s, suffering heavy losses. Long-term investing requires discipline, regular investment, diversification of assets (stocks, bonds, cash), and adjusting risk levels with age. Market downturns can actually be opportunities to buy more. -
Is social security or retirement pension enough to live on?
Usually not enough.
An 82-year-old driver admitted, "Social security benefits are insufficient to maintain my lifestyle." Government pensions are mostly basic guarantees and need to be supplemented with personal savings. It is advisable to calculate your estimated benefit amount as early as possible and plan to make up for the shortfall. -
Can I still work after retirement?
It's possible, but don't rely on it completely.
The driver was still driving Uber at 80 years old due to financial pressure, not choice. Age discrimination and physical limitations make job hunting difficult (he mentioned that "it's impossible to find a job at 80"). Retirement planning should be based on... "No need to work" For the goal. -
How can we control the impact of debt on retirement?
Goal: To pay off as much high-interest debt as possible before retirement.
The driver, burdened with $16,000 in debt, described it as "a huge sum of money." With reduced income after retirement, debt can erode quality of life. Prioritize paying off credit card debt and high-interest loans, and avoid incurring new debt after retirement. -
Do I need a financial advisor?
If you lack investment knowledge or time, it is recommended to consult a professional.
The driver regretted, "I should have consulted a financial planner." Fee-only consultantsAvoid high-commission products. Even a single consultation can help you create a plan that suits your needs. -
Besides savings, what else should you prepare before retirement?
Three key points:
Health planning: Medical expenses increase with age, so ensure adequate insurance coverage (such as long-term care insurance and medical insurance).
lifestyle: Cultivate low-cost interests (as the driver says, "How many times can you play golf?") to prepare for retirement early.
Social connections: Work often provides a social circle; after retirement, one should proactively build new connections to avoid isolation.
One last reminder: a lesson learned from that driver.
"Don't wait until the future to take action—your physical and financial situation may no longer allow it."
Retirement planning is not just a numbers game; it's about taking responsibility for your future. A small step today can prevent regret and anxiety at age 82.
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