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Sen. Sanders’ Bold Plan to Expand Social Security
Last week U.S. Sen. Bernie Sanders (I-Vermont) introduced the Social Security Expansion Act, a thoughtful plan to both ensure greater retirement security for today’s workers and retirees and strengthen Social Security’s finances over the long term….
Retirement Income Crisis Calls for Expanded, Not Reduced, Benefits: Just as inequality is hurting Social Security’s finances, it is also hurting average Americans’ ability to save for retirement. After three decades with no growth in the aggregate income of the bottom 90 percent of Americans, a new report by the National Institute on Retirement Security finds that the typical working-age household has been able to accumulate only $2,500 – and the typical household nearing retirement only $14,500 – in retirement savings, and that more than half (62 percent) of households nearing retirement have retirement savings lower than their annual income. Moreover, today only 14 percent of workers participate in a defined benefit pension, with a downward trend. Read More…
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