“After a lifetime of work, all Americans should be able to retire with dignity,” Sen. Sheldon Whitehouse (D-R.I.), said.
Only one in 10 low-income workers between the ages of 51 and 64 had any retirement savings in 2019 — a significant decline compared with one in five low-income workers in 2007, according to a troubling report recentlyThat’s in stark contrast to the nine in 10 high-income households that reported some kind of retirement account balance during the years 2007-2019. That same group enjoyed a surge in their median retirement assets, which almost doubled during that period.
Senior citizens were the only age group to see an increase in poverty rates, according to US Census data.
The study examined data from the Federal Reserve’s Survey of Consumer Finances and other sources to determine that low-income workers had median earnings of about $19,100 annually, while high-income workers reported median earnings of $282,000. that the coronavirus pandemic led to a drop in income and rising income inequality for workers around the world.
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