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If true, this paints a dismal picture for many Americans. Yet Joe wants to cut social security.
Opinion: Half of Americans over 55 may retire poor
Published: Oct. 5, 2020 at 1:35 p.m. ET
By
Howard Gold
423
COVID-19 job losses, early withdrawals may decimate retirement finances
“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.
How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on less than $20,000 a year,” she told me. “I think we could all agree that means chronic deprivation for the rest of your life.”
This is shocking and although I’ve viewed the retirement situation in the United States as more of a chronic illness than a crisis, this would make it a crisis for millions of Americans. It also would reverse decades of progress toward eliminating poverty among the elderly, from the Social Security Act of 1935 through Medicare in 1965 and beyond. As more people turn 65 and face poverty-stricken retirements, the fiscal and political implications could be enormous.
Half of Americans over 55 may retire poor
Opinion: Half of Americans over 55 may retire poor
Published: Oct. 5, 2020 at 1:35 p.m. ET
By
Howard Gold
423
COVID-19 job losses, early withdrawals may decimate retirement finances
“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.
How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on less than $20,000 a year,” she told me. “I think we could all agree that means chronic deprivation for the rest of your life.”
This is shocking and although I’ve viewed the retirement situation in the United States as more of a chronic illness than a crisis, this would make it a crisis for millions of Americans. It also would reverse decades of progress toward eliminating poverty among the elderly, from the Social Security Act of 1935 through Medicare in 1965 and beyond. As more people turn 65 and face poverty-stricken retirements, the fiscal and political implications could be enormous.
Half of Americans over 55 may retire poor