Staggering’ crisis looms in retirement income, senators learn
Responding to senators warning about a “staggering” crisis in retirement savings, a Washington University professor suggested Thursday four reforms to mitigate an over-dependence on Social Security for many retirees. Testifying Thursday before a Senate Special Committee on Aging, Michal Grinstein-Weiss, an associate professor and associate director at Washington University’s Center for Social Development, cited studies showing that 45 percent of Americans have no retirement savings and that Social Security payments account for about 70 percent of the income of retirees in the middle 50 percent of the income bracket. Read more…