A survey from AARP released last months shows that 20% of adults over age 50 don’t have retirement savings, and nearly two-thirds are concerned they won’t have enough funds for retirement. “This gloomy outlook raises red flags for both America’s seniors and states that have long sold themselves as retirement havens,” wrote the Tampa Times Editorial Board.
Because Americans are living longer, a number of senior citizens aren’t able to cover medical bills, foods, household costs and other essential expenses with their fixed budgets. Therefore, the number of seniors in the workforce is increasing at a faster rate than all other age groups combined.
“It’s one thing for Americans to work as long as they’re able an interested; it’s another when seniors are reentering the workforce because their finances and social safety net force them there,” the editorial board commented. The board wrote that both government and businesses need to protect pensions, improve Medicare and Social Security, and encourage younger workers to participate in retirement plans.
“Older Americans should be in the workforce by choice,” the editorial concluded. “That requires Americans to save more throughout their working lives, and for the government to adequately protect the nation’s safety net for all retirees.”