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Poorer Families and the Retirement Crisis
Savings statistics in America are an oft cited source for the argument of expanding Social Security, but these statistics are heavily skewed by lower income families. This data shows that 52% of households nearing retirement age do not have any savings, however it leaves out the information that half of these households will receive traditional benefit pensions from their employment. The truer percentage of 27% is also a bit misleading. This “lower half of the lower half” truly has no savings, however, Social Security will replace almost 100% of their previous income in retirement. These are also the households that receive other welfare handouts through the government. A broadly expanded Social Security program would not help these families in the way that they need help, what they need is a more targeted plan of benefit increases. For more information on this topic, visit this article by Andrew Biggs with Forbes.
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