An uncertain retirement may be lurking just over that ridge.(Dennis Curran)
Is the “retirement crisis” just a scare story? That’s what conservatives would like you to believe as they rail against proposals from progressives in Congress to expand and increase Social Security.
Andrew Biggs, a former Social Security official, wrote recently in the conservative National Review that there’s no need to expand Social Security benefits because “Americans’ retirement incomes and retirement savings have never been stronger.”
That may be true, in the aggregate. But the question is: whose retirement incomes and savings? Monique Morrissey of the labor-supported Economic Policy Institute presents evidence that, just as income inequality for those in their working years has soared, so has inequality in the distribution of retirement resources.
The trends…paint a picture of increasingly inadequate retirement savings for successive generations of Americans—and large disparities by income, race, ethnicity, education, and marital status.