« Pitting Young Vs Old—It Doesn’t Have to Be This Way | Main | Part D Negotiation Will Save Billions »
Retirement & Recession…Can’t Have One Because of the Other?
By NCPSSM | October 28, 2009
Two new reports out this week put the recession’s effects on seniors into perspective. The National Retirement Risk Index shows that a majority of American households are at high risk of not having enough money in retirement. The 51% finding is the highest at-risk percentage since the index’ creation in 2006. The report concludes:
“Ensuring retirement security for an aging population is one of the most compelling challenges facing the nation. Yet the National Retirement Risk Index shows that in 2009 half of today’s households will not have enough retirement income to maintain their pre-retirement standard of living, even if they work to age 65, which is above the current average retirement age. Even if the stock market should bounce back, the housing bubble is unlikely to reappear. And as defined benefit plans fade in an environment where total pension coverage remains stagnant, Social Security’s Full Retirement Age moves to 67, and life expectancy increases, the outlook will get worse over time. The NRRI clearly indicates that this nation needs more retirement saving.”
And yet, working longer isn’t as easy as it sounds for the over 60 employee. The New York Times sums up the unemployment figures for seniors:
“…there are more Americans 65 and older in the job market today than at any time in history, 6.6 million, compared with 4.1 million in 2001. Less well known, though, is that nearly half a million workers 65 and older want to work but cannot find a job — more than five times the level early this decade and this group’s highest unemployment level since the Great Depression. The situation is made more dire because of numerous recent trends: many people over 65 have lost their jobs as seniority protections have weakened, and like most other Americans, a higher percentage of them took on debt than in previous generations. “
The National Committee is proud to be a part of a coalition of groups working to create a universal, secure, and adequate retirement system to supplement Social Security. Retirement USA is leading a national dialogue about developing a new system for ensuring that all American workers have reliable income when they retire.
Topics: Aging Issues, Retirement, Social Security | 3 Comments »
November 2nd, 2009 at 6:25 pm
The Washington elite have raided OUR Social Security Fund for many years, without any kind of disapline or accountability to any department of our government. I say that it is high time to STOP THE RAID and hold politicians responsible and accountable. What do you think would happen , if we raided thier salaries?, which by the way, we pay. All of them are rich and get even richer as time goes by. They give themselves a raise whenever they feel like it. We need a raise much worse than they do, but we don’t get it. What we do get ( COLA ) is not a drop in the bucket in comparsion. I’m mad as hell and I know that I’m not alone.
November 2nd, 2009 at 6:39 pm
My husband is still working full time at the age of seventy, because of the insurance benefits. I have COPD and my medical expenses would be around sixteen hundred dollars a month , if we did not have insurance to cover most of the cost of my medications. Our co-pays alone are still very expensive and that comes out of our pockets also. It is a crying shame that our government does not take care of the elderly, after they have paid taxes to them all their lives. The Golden Years is a joke, unless you are in politics or are employed by the Federal Government, including Barak Obama. They need to remember that you reep what you sow!!!!
May 12th, 2010 at 10:49 am
Who can afford to retire? The gov’t really should re-evaluate what it has and is doing to the generation who helped build this nation. While we as a nation help everyone else on the globe, we seem to neglect our own. There should be no tax on Social Security and IRA’s / Pensions, etc. We’ve earned it for ourselves and this U.S. Our medical should be FREE as well and not have to pay for part A,B,C,D. C’mon gang. Oh, yea, where is AARP with all this?