WASHINGTON POST: …The sobering statistic was one of many released by the Federal Reserve on Thursday as part of its report on the economic well-being of U.S. households, which surveyed more than 4,100 people online last year between mid-September and early October…
…The lack of preparedness is not signaled by a lack of planning alone. Many respondents, particularly those with limited incomes, indicated that they simply have few or no financial resources available for retirement…
For many people, particularly those working part time or earning low wages, the biggest obstacle to a steady retirement savings plan is access. About three-fourths of private sector workers with full-time jobs have access to a retirement plan, but that number drops to 37 percent for part-time workers, according to the Bureau of Labor Statistics… (more)
EDITOR: A large portion of low paid people without savings live ‘hand to mouth’, one pay check from disaster. Others have spent funds that otherwise would provide a nest egg on health issues, educating children, or caring for loved ones.
Without Social Security, not only would a large portion of our elders be totally impoverished, but their children would have to support them.
Social Security isn’t just about old people; it benefits everyone.
