For millions of workers, Social Security is all they have to keep them from destitution in old age. Even with Social Security’s guaranteed benefits, they struggle to make ends meet. Fortunately, Congress can easily strengthen retirement security by expanding Social Security. Congressman John Larson (D-CT) has a bill to do just that: The Social Security 2100 Act, which is supported by 90 percent of Democrats in the House of Representatives.
Nearly four in five Americans live paycheck to paycheck. In 2018, the Federal Reserve Board found that four in ten Americans could not afford $400 for an emergency expense. Low wages combined with the high cost of health care, housing and education prevent people from putting aside funds for retirement. The Government Accountability Office reported earlier this year that almost half of households headed by Americans aged 55 and older have no retirement savings.
Equally concerning, most companies no longer offer pensions to their workers—a guaranteed monthly income. Instead, if they are lucky, workers get small financial contributions toward their retirement that do not amount to a whole lot. 401k plans and other so-called “defined contribution” plans do little good if workers are forced to spend their income on basic needs and have no money to save.Common Dreams