Just over half of Americans over the age of 65 are earning under $30,000 a year, and it shows how stark the retirement crisis is – By Juliana Kaplan (Business Insider) / March 4, 2024
- A new report from Sen. Bernie Sanders signals a looming retirement crisis for Americans.
- Many older folks are financially vulnerable, with over half living on incomes of $30,000 or less a year.
- Solutions might include enhancing Social Security checks and setting up automatic retirement accounts.
There’s a retirement crisis looming for many Americans — and some are already living on scant incomes. Retirement is becoming a luxury for Americans hoping to get a reprieve in their later years, and it’s something a handful of lawmakers are hoping to change.
A new report from Sen. Bernie Sanders, the chair of the Senate Health, Education, Labor, and Pensions Committee, looks at the bleak future facing some older Americans and those who hope to retire someday.
The report cited the National Retirement Risk Index, which found that about half of households “will not be able to maintain their” preretirement living standard and that 56% of low-income households — and 45% of those who are middle income — were “at risk” of not maintaining those preretirement standards at age 65.
