Retirement Crisis Deepens for Older Americans

A significant portion of older Americans face retirement without sufficient savings, exacerbating financial insecurities.

One in five Americans aged 50 and above have no retirement savings, with many expressing concerns about affording basic living expenses.
The peak boomer generation, those born between 1959 and 1964, is particularly impacted, with many relying on Social Security for future sustenance.
Recent surveys indicate that over half of older Americans doubt their financial ability to sustain themselves post-retirement.
Economic pressures such as inflation and the shift from pension to contribution-based retirement plans add to the financial strain.
Legislative measures like the Retirement Savings for Americans Act are being considered to enhance retirement security.