Half of 55 and older on track to retire in poverty

[Demovictory9]

https://www.marketwatch.com/story/half-of-americans-over-55-may-retire-poor-2020-10-01

retirement finances


How badly is COVID-19 hurting Americans on the cusp of retirement? Maybe worse than we thought.

In an interview, economist Teresa Ghilarducci, a professor at The New School in New York City and one of the nation’s leading experts on retirement, told me that half—that’s right, half—of Americans aged 55 and up will retire in poverty or near poverty.

“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.


How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on less than $20,000 a year,” she told me. “I think we could all agree that means chronic deprivation for the rest of your life.”

[hedda_foil]

1. And that's if we get to keep Social Security and. Medicare.

If not, we'll mostly be dead.

[Greybnk48]

2. It is my greatest hope we can fix that.

No one should have to live hand to mouth until they die in this country. It’s a disgrace we can fix.