The Heartwarming Story Of An 88-Year Old Veteran That Can Finally Retire

Ed Bambas, 88, is finally able to retire after years spent bagging groceries at a Michigan store. This was made possible after a video of Ed's story, where he explained how the American dream slipped out of his fingers, went viral on social media. The original video has sparked one of the largest GoFundMe campaigns in history, which has raised over $1.7 million to help the army veteran retire.

In a video posted by influencer Samuel Weidenhofer, Ed shared the story of how he went from owning his home to bagging groceries five days a week to pay his bills. Bambas was an employee of General Motors and relied heavily on the company's pension and insurance policies, a system that has all but disappeared nationwide. The reason for this is that pensions are paid by employers, meaning if companies fail, so does one's pension. Sadly, Ed's pension evaporated in 2012, in the wake of General Motors' bankruptcy, and left him without a retirement fund. 

Telling his story, Ed made it clear how deeply his life was affected by decisions made by General Motors. "The thing that hurt me the most was when my wife got sick, and when they [General Motors] took the pension, they also took the health care coverage, and all but $10,000 of my life insurance," he told Weidenhofer.

This was the reality for many former General Motors employees after the company filed for Chapter 11 bankruptcy. According to United States Courts, Chapter 11 bankruptcy allows a company to reduce its financial obligations to help rebalance its bottom line. In 2012, pensions for many former employees were indeed cut. The move also took away health insurance, leaving former employees with no funds to fall back on. This is what ultimately led Bambas to sell his home and find other ways to make money after retirement. While Ed's ending is happy, his story shows just how vulnerable our aging population really is. Many Americans are still banking on pensions, which are inherently tied to company success, as opposed to a 401(k) plan, which draws from the employee and employer's contributions and ultimately hinges on the market. This is increasingly important as multiple retirees will stop receiving their Social Security payments in 2025.