The nation is divided like never before. But there is at least one area where Americans agree.
Across party lines, Americans are deeply worried about their economic security in retirement. Some 88 percent of Republicans and 92 percent of Democrats say that the nation faces a retirement crisis.
There is good reason for the anxiety. U.S. Federal Reserve Survey of Consumer Finances data reveal that the median retirement account balance for all near-retirement households is a meager $14,500. In most parts of the country, that amount of savings won’t last a year, much less 20 to 30 years into retirement.
Making matters worse is that reliable pensions are disappearing. And, Social Security benefits are facing serious cuts. The average retired worker receives $1,360 per month from Social Security, hardly sufficient income on its own. We’re looking at millions of older Americans with income at or below the poverty line.
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