Three out of five middle-class Americans entering retirement today are projected to outlive their financial assets. Significantly diminished savings, escalating health care costs and the decline of traditional employer pension systems have created situations where retirees face difficult choices on how to manage their retirement assets. Social Security will only cover about one-third of a retiree's pre-retirement earnings, and nearly half of our nation's work force lacks any type of employer-sponsored retirement program.
If the retirement problem is not addressed, the impact on retirees and the already stretched social-services programs run by local, state and federal governments that serve them will be extreme - at a time when these programs are already at financial breaking points.
The good news is that there are ways Congress can help. Americans for Secure Retirement supports legislation that would empower Americans to maintain their standard of living throughout retirement.