General Discussion
In reply to the discussion: So, just how much money are those lazy seniors getting from their Social Security? [View all]JDPriestly
(57,936 posts)401(K) of Americans is about $15,000. And that money often gets taken out and spent for necessities before retirement.
Seniors save, but if they are lucky enough to have any savints, they need them for things like hearing aids (can cost several thousand dollars, don't work well and are not covered by Medicare) a rainy day -- a long hospital stay or a different car, or the many other costs that seniors have like property taxes or homeowners' association fees, etc.
So savings are not an answer although ideally every senior would have them. There just is not way around it. The chained CPI is a terrible, terrible idea.
Further, right now, interest rates are so low that seniors are not getting any income from their savings. It's a fact. Trust me on it.