A new report by the Government Accountability Office released Tuesday shows that the savings and overall financial stability of Americans older than 55 has dropped dramatically in recent decades, leaving a worrisome situation as the ranks of the elderly are set to increase even more in the years ahead.
“Social Security is the most successful program in our nation’s history. At a time of massive wealth and income inequality, we have got to demand that the richest people in this country pay their fair share.”
—Sen. Bernie SandersAccording to the report, more than half of this age group have no retirement savings whatsoever and most of these also have no pension (sometimes referred to has a defined benefit (DB) plan) or other spare savings to rely on once they stop working. The GAO says that Social Security currently provides most of the income for about half of households age 65 and older.