The “Retirement Savings” Dilemma Continues in Full Force
The reasons are varied, but the constant conclusion is that many lower-income Americans are facing evaporating opportunities for financial security in retirement. In fact, the U.S. Government Accountability Office (GAO) noted last month that “only 1 in 10 low-income workers between the ages of 51 and 64 had a retirement account balance in 2019.” Even more startling is the fact that the percentage of low-income earners with no retirement savings doubled from 2007 to 2019. In a recent post on finance.yahoo.com, Rhode Island Senator Sheldon Whitehouse noted that “today, millions of Americans are retiring with no savings.” Whether you blame it on the absence of availability of workplace retirement accounts for low-income earners, or on the economy in general, the fact remains that a growing number of workers are facing the need to remain in the workforce longer. Read Yahoo Finance reporter Serah Louis’ post for more thoughts on this predicament, as well as ideas on how to compensate for the problem. You can access her post here.