With stagnant wages and increasing costs of living, Americans are forced to tap into their 401 (k)s just to make ends meet. Now, just one in five workers has a pension, and with wages not going up with productivity, retirement is looking increasingly grim for many Americans.
401(k) breaches undermining retirement security for millions - Washington Post
“New reports out today from AARP and its Public Policy Institute underscore how the tough economy has taken a toll on the middle class, including those over age 50. They say these workers have seen their incomes fall, their savings shrink, and have gone deeper in debt.”
Pensions, one of the best tools to ensure retirement security, have been disappearing over several decades. It’s hard to even think about retirement when hard-working Americans can barely afford to put food on the table, but this is still an issue Washington needs to address in a comprehensive approach to strengthening the middle class.
CHART: Pensions Have Been Disappearing For Decades - Think Progress