U.S. Sen. Bernie Sanders (I-Vt.) advocates the expansion of Social Security during a February 13, 2019 press conference on Capitol Hill in Washington, D.C.
Sanders Report Warns Nearly Half of Older Americans 'Have No Retirement Savings'
"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy."
A report published Wednesday by the U.S. Senate committee chaired by Independent Vermont Sen. Bernie Sanders exposed "the depth of the retirement crisis in America" while exploring "solutions that will allow all of our people to retire with dignity and security—not just the very wealthy."
The report—entitled A Secure Retirement for All—was released ahead of a Wednesday morning Senate Committee on Health, Education, Labor, and Pensions (HELP) hearing on the retirement crisis. The publication revealed that nearly half of Americans age 55 and older have no retirement savings. It also found that half of Americans age 65 and older are living on less than $30,000 per year, while 1 in people are fighting to survive on less than $15,000 annually.
Other key findings include:
- Nearly 5.3 million Americans age 65 and older live in poverty, and roughly 1 in 10 seniors;
- Nearly half of all Americans are at risk of a financially insecure retirement, up from 1 in 3 workers in 1983;
- The average monthly Social Security benefit in 2023 was only about $1,782, or $21,384 annually; and
- The top 20% of earners receive 63% of the $202 billion in annual income tax breaks for retirement accounts, while the bottom 60% receive just 13.4% of these breaks.
"Given the enormous growth of the economy over the past several decades, one might expect that the outlook for retirees is improving," the report states. "Yet, today nearly half of all Americans are at risk of a financially insecure retirement."
"For many, retiring on Social Security alone means that some months you can afford to either keep the lights on or get your prescription refilled," the publication adds. "The cost of healthcare in retirement is an enormous cost driver, for which many find themselves unprepared."
The report offers two main solutions to the retirement crisis: expanding and strengthening Social Security—"the most successful government program in our nation's history"—and enacting "Retirement Security for All" legislation that ensures every worker can save for retirement via their paychecks and guarantees lifetime monthly payments.
Last year, Sanders—along with Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.)—introduced the Social Security Expansion Act, which would increase monthly benefits by at least $200 and extend the program's solvency for decades by lifting the cap on the maximum amount of income subject to the Social Security payroll tax.
The Social Security Administration's chief actuary said that had the bill been signed into law last year, the program would be able to pay full benefits to every eligible American for 75 years, without any tax increase for 93% of U.S. workers earning less than $250,000 per year.
"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy," Sanders said on Wednesday. "Right now, more than half of older Americans have no retirement savings. More than 50% of our nation’s seniors are trying to survive on an income of less than $30,000 a year. That is absurd. Congress must address the retirement crisis facing working-class Americans across our country."
Urgent. It's never been this bad.
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission from the outset was simple. To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It’s never been this bad out there. And it’s never been this hard to keep us going. At the very moment Common Dreams is most needed and doing some of its best and most important work, the threats we face are intensifying. Right now, with just four days to go in our Spring Campaign, we are not even halfway to our goal. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Can you make a gift right now to make sure Common Dreams not only survives but thrives? There is no backup plan or rainy day fund. There is only you. —Craig Brown, Co-founder |
A report published Wednesday by the U.S. Senate committee chaired by Independent Vermont Sen. Bernie Sanders exposed "the depth of the retirement crisis in America" while exploring "solutions that will allow all of our people to retire with dignity and security—not just the very wealthy."
The report—entitled A Secure Retirement for All—was released ahead of a Wednesday morning Senate Committee on Health, Education, Labor, and Pensions (HELP) hearing on the retirement crisis. The publication revealed that nearly half of Americans age 55 and older have no retirement savings. It also found that half of Americans age 65 and older are living on less than $30,000 per year, while 1 in people are fighting to survive on less than $15,000 annually.
Other key findings include:
- Nearly 5.3 million Americans age 65 and older live in poverty, and roughly 1 in 10 seniors;
- Nearly half of all Americans are at risk of a financially insecure retirement, up from 1 in 3 workers in 1983;
- The average monthly Social Security benefit in 2023 was only about $1,782, or $21,384 annually; and
- The top 20% of earners receive 63% of the $202 billion in annual income tax breaks for retirement accounts, while the bottom 60% receive just 13.4% of these breaks.
"Given the enormous growth of the economy over the past several decades, one might expect that the outlook for retirees is improving," the report states. "Yet, today nearly half of all Americans are at risk of a financially insecure retirement."
"For many, retiring on Social Security alone means that some months you can afford to either keep the lights on or get your prescription refilled," the publication adds. "The cost of healthcare in retirement is an enormous cost driver, for which many find themselves unprepared."
The report offers two main solutions to the retirement crisis: expanding and strengthening Social Security—"the most successful government program in our nation's history"—and enacting "Retirement Security for All" legislation that ensures every worker can save for retirement via their paychecks and guarantees lifetime monthly payments.
Last year, Sanders—along with Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.)—introduced the Social Security Expansion Act, which would increase monthly benefits by at least $200 and extend the program's solvency for decades by lifting the cap on the maximum amount of income subject to the Social Security payroll tax.
The Social Security Administration's chief actuary said that had the bill been signed into law last year, the program would be able to pay full benefits to every eligible American for 75 years, without any tax increase for 93% of U.S. workers earning less than $250,000 per year.
"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy," Sanders said on Wednesday. "Right now, more than half of older Americans have no retirement savings. More than 50% of our nation’s seniors are trying to survive on an income of less than $30,000 a year. That is absurd. Congress must address the retirement crisis facing working-class Americans across our country."
- Billionaires Celebrate Their Own Social Security Freedom Day ›
- What Should Congress Give Social Security for its 88th Birthday? ›
- Working Longer 'Not a Viable Solution' to US Retirement Crisis, Economists Say ›
- Opinion | Let’s Celebrate Social Security’s 89th Birthday By Protecting and Expanding It | Common Dreams ›
- Opinion | How to Know When to Retire, If You Can Even Afford It | Common Dreams ›
A report published Wednesday by the U.S. Senate committee chaired by Independent Vermont Sen. Bernie Sanders exposed "the depth of the retirement crisis in America" while exploring "solutions that will allow all of our people to retire with dignity and security—not just the very wealthy."
The report—entitled A Secure Retirement for All—was released ahead of a Wednesday morning Senate Committee on Health, Education, Labor, and Pensions (HELP) hearing on the retirement crisis. The publication revealed that nearly half of Americans age 55 and older have no retirement savings. It also found that half of Americans age 65 and older are living on less than $30,000 per year, while 1 in people are fighting to survive on less than $15,000 annually.
Other key findings include:
- Nearly 5.3 million Americans age 65 and older live in poverty, and roughly 1 in 10 seniors;
- Nearly half of all Americans are at risk of a financially insecure retirement, up from 1 in 3 workers in 1983;
- The average monthly Social Security benefit in 2023 was only about $1,782, or $21,384 annually; and
- The top 20% of earners receive 63% of the $202 billion in annual income tax breaks for retirement accounts, while the bottom 60% receive just 13.4% of these breaks.
"Given the enormous growth of the economy over the past several decades, one might expect that the outlook for retirees is improving," the report states. "Yet, today nearly half of all Americans are at risk of a financially insecure retirement."
"For many, retiring on Social Security alone means that some months you can afford to either keep the lights on or get your prescription refilled," the publication adds. "The cost of healthcare in retirement is an enormous cost driver, for which many find themselves unprepared."
The report offers two main solutions to the retirement crisis: expanding and strengthening Social Security—"the most successful government program in our nation's history"—and enacting "Retirement Security for All" legislation that ensures every worker can save for retirement via their paychecks and guarantees lifetime monthly payments.
Last year, Sanders—along with Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.)—introduced the Social Security Expansion Act, which would increase monthly benefits by at least $200 and extend the program's solvency for decades by lifting the cap on the maximum amount of income subject to the Social Security payroll tax.
The Social Security Administration's chief actuary said that had the bill been signed into law last year, the program would be able to pay full benefits to every eligible American for 75 years, without any tax increase for 93% of U.S. workers earning less than $250,000 per year.
"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy," Sanders said on Wednesday. "Right now, more than half of older Americans have no retirement savings. More than 50% of our nation’s seniors are trying to survive on an income of less than $30,000 a year. That is absurd. Congress must address the retirement crisis facing working-class Americans across our country."
- Billionaires Celebrate Their Own Social Security Freedom Day ›
- What Should Congress Give Social Security for its 88th Birthday? ›
- Working Longer 'Not a Viable Solution' to US Retirement Crisis, Economists Say ›
- Opinion | Let’s Celebrate Social Security’s 89th Birthday By Protecting and Expanding It | Common Dreams ›
- Opinion | How to Know When to Retire, If You Can Even Afford It | Common Dreams ›