Most of us hope we’ll be cared for in our later years — by family, savings, or a system designed to protect seniors. But that safety net doesn’t always hold. At 88 years old, US Army veteran Ed Bambas was still working five days a week just to survive. After retiring from General Motors in 1999, Ed believed he had earned a stable pension that would carry him comfortably through retirement. He owned his home and felt secure about the future. Everything changed in 2009 when GM filed for bankruptcy.
Nearly 20,000 salaried workers from a GM subsidiary lost their pensions and retirement benefits. Ed was among them. The cuts devastated his finances. He also lost healthcare coverage and most of his life insurance — a painful blow, especially as his wife Joan battled serious illness before passing away in 2018. Forced to sell his home, Ed returned to work, taking jobs at Ace Hardware and Meijer.
