Report: Retirement Poverty Risk Rises

[citizen snips]

Without changes in the U.S. retirement system, poverty among people 65 and over is likely to increase, according to a report released Tuesday by the Center for Retirement Research at Boston College.

The center measures households at risk of being unable to maintain their standard of living once they stop working. For the highest income households, being unable to maintain their standard of living may mean cutting back on extras. But for the lowest third of households, 45 percent of whom are at risk, being unable to maintain their standard of living may mean cutting back on essentials, the report said.

The bottom third of households are less likely to own their homes, have pensions and have meaningful 401(k) assets, making them more reliant on Social Security than their wealthier peers. As a result, the increased minimum age for Social Security benefits, from age 65 for those born in 1937 or earlier to age 67 for those born after 1960, will hurt them more, according to the report.

The delay in Social Security means that 60 percent of Generation Xers in the bottom third of income are at risk for being unable to maintain their standard of living in retirement.

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[jwirr]

1. Of course they do. From the world I grew up in with good full time

jobs with good pay to our outsourced temporary/parttime job world of today there is a lot less being paid into Social Security per individual. The workers of today who are not making good wages are very likely to live in poverty when they get older. Many will be eligible for minimum coverage if at all. While I live alright on the minimum right now it is hard and I live in a rural area where things are cheaper than in our cities.

[Double T]

2. Our government has bilked the SS system funds for years............

NOW the ugly reality of poverty is faced by most Americans growing older. Our government, along with corporate america and wall street, has sold 'US' out. Time for DRASTIC CHANGE immediately!!!!