A report led by Sen. Bernie Sanders highlights a deepening retirement crisis in America, showing nearly half of Americans over 55 have no savings for retirement. Additionally, half of those 65 and older live on less than $30,000 a year, with some surviving on under $15,000.
Key issues include 5.3 million seniors in poverty, a significant risk of financial insecurity in retirement, and unequal distribution of tax breaks for retirement savings. The average Social Security benefit stands at roughly $1,782 monthly.
The report suggests expanding Social Security and introducing “Retirement Security for All” legislation to improve retirement savings options. Sanders emphasizes the need for action, noting the unacceptable financial strain on older Americans, proposing solutions like the Social Security Expansion Act to ensure a secure retirement for all.
