Half Of U.S. Households Approaching Retirement Have Saved No Money

Simply by asking for this report, which highlights a substantial future crisis, shows clear signs of leadership and bold action. Bernie Sanders has called for a Social Security expansion for several years, unfortunately his call to action was always greeted by silence on the issue. Perhaps now with this report, a conversation will be had on the campaign trail as to how do we deal with an aging population set to retire with little to live on. Moreover perhaps this will force both journalists and candidates to speak about the whys and the hows of this tragic reality. I call it tragic because it doesn’t have to be this way, F.D.R made sure that Social Security became a reality because he believed to his core that allowing our elderly to starve and freeze was an immoral act; seventy odd years later we face similar circumstances and we need to act. The hows and whys of this sad state of affairs are the product of choices made at the corporate level facillitataed by congressional legislation. We can demand that our lawmakers safeguard pensions so they are not underfunded or even raided by states in budgetary crisis, we can also insist on better legislation regarding 401K plans, they have been a very poor replacement of the traditional pension. Moreover we need to acknowledge that between raising children, their educational needs and taking care of grandparents, not many average people can nowadays afford to set money aside for emergencies, let only retirement. These pertinent issues must be at the forefront of both primary selection processes and then once again at the general election campaign. It would be an incredible shame to have lost the peace of mind and the economic security that we once had simply because we didn’t do enough to fight for it.

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