When 88-year-old Army veteran Ed Bambas’ story went viral, strangers rushed to help. A TikTok video about his long hours working at a grocery store in Michigan—and the pension and health-insurance issues that kept him out of work in the late 80s, even after his wife passed away—inspired a GoFundMe that quickly raised more than $1.5 million for him (1).
The senior’s rescue was heartwarming and rare. Most people who reach retirement without a secure income will not achieve the social media miracle. Bombas’ story exposed a broader, uncomfortable truth about retirement in America: Pensions and savings aren’t a reliable safety net for millions, and medical or caregiving costs can wipe out decades of planning.
Bombas lost his pension and supplemental health coverage after an employer restructuring, then sold his home to care for his wife. He worked full-time retail to survive.
And he’s not alone, as his case echoes a national trend. For example, workers age 75 and older are the fastest-growing segment of the nation’s workforce, Pew Research notes. About 9% of American adults in that age group are employed, nearly double the share since 1987 (2).
What’s more, the vast majority of workers do not have employer retirement plans—about half of private-sector workers, or 56 million, Pew Research estimates (3). Pension benefits that once secured retirees have declined 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 a national average annual rate of about $111,325 for a semi-private nursing-home room and $127,750 for a private room* — figures that can pay off fast.
While crowdfunding can help, as it did for Bambas, it’s an unreliable backstop. Analysis of hundreds of thousands of campaigns has found that only a small minority reach their goals; Many raise little or nothing.
A large analysis estimated that about 17% of US medical and emergency GoFundMe campaigns met their fundraising goals, Fast Company reports (5), while an academic study in 2022 found that only 8% of people who raised money to help with diabetes-related costs met their goal amount (6).
In short: viral generosity is the exception, not the rule.
Read more: Vanguard reveals what could be coming for US stocks, and it’s ringing alarm bells for retirees. Here’s why and how to protect yourself
Bombas’ story is tragic – and all the more so because it could happen to almost anyone. But don’t let that send you into a panic. Here’s a practical checklist instead. Here are some concrete tricks to reduce the chance you’ll need to try to orchestrate a viral rescue — one that may never come.
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Stress test your plan for shock. Consider scenarios where a pension is lost, a spouse needs long-term care or you need to work into your 70s. Consider the high end of health and care costs.
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Diversify sources of income. 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 basic payments.
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Prioritize long-term care planning. Investigate long-term care insurance early (rates increase with age), or set aside a dedicated “care account.” Even modest, regular contributions can reduce catastrophic risk.
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Confirm pension stability and options. If you were offered a lump sum in previous years, revisit whether it was spent or invested, and get a benefit statement and legal advice about survivor benefits. Employers and administrators sometimes offer buyback or salvage options.
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Use veterans and public benefits. Veterans may qualify for health, pension or caregiver supports that reduce the out-of-pocket drain. If applicable, check with Veterans Affairs resources and local elder-service advisors.
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Create a liquidity buffer and executive plan. Keep an emergency fund, document accounts and name a trusted financial advocate (including a power of attorney and a trusted contact) so that decisions are not delayed when a crisis strikes.
Ed Bombas’ gift is a powerful reminder of both human generosity and the financial vulnerability of many retirees. But counting on strangers, an influence or crowdfunding is not a retirement plan.
So, use her story as inspiration: Review your pension paperwork, model worst-case costs (including long-term care) and build multiple, solid income streams, so you don’t stray far from financial stability.
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TikTok user Itssozer (1); drink (2); drink (3); Genworth (4); Face Company (5); JMIR Diabetes (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
