A new GAO report, based on a Survey of Consumer Finances from 2017, finds that nearly half of all households headed by someone 55 or older in the US have no retirement savings. Most households have low retirement savings. The US retirement system needs improving.
There is a good likelihood that many Americans will outlive their retirement savings. Health care costs and other expenses are keeping people from being able to save pre-retirement. On top of that, an increasing number of people are retiring and living longer.
At the same time, more and more companies are eliminating pensions and replacing them with one-time payments that are worth far less. The Treasury and Labor Departments, which oversee these employer plans, are not focused on protecting workers’ retirement security, reports Josh Gotbaum for The Atlantic.
President Trump recently issued an executive order that calls for expanding workplace retirement plans as a way to strengthen people’s retirement security. But, there are already thousands of these retirement plans. The executive order is, in fact, a gift to Wall Street. It gives financial-services companies more ways to collect workers’ money and receive fees for their work. It does nothing to ensure that Americans can retire with dignity.
Americans should demand retirement security from our elected officials. Social Security needs strengthening as Senator Bernie Sanders and Congressman John Larson have proposed. The Social Security 2100 Act would fully fund Social Security for the rest of the 21st century. No Republicans are co-sponsors.
If you want Congress to expand Social Security, please sign this petition.
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