Lawmakers are encouraging Social Security’s protection and strengthening, following the release of a report examining the nation’s retirement instability.
“Despite Social Security’s success, the other two major components of our nation’s retirement system – private savings and pensions – are failing hard-working Americans,” Rep. Carolyn B. Maloney (D-NY), vice chair of the Congress Joint Economic Committee said via a statement accompanying recent publication of Retirement Insecurity, a report written by the Democratic committee members.
“As a result, roughly half of Americans are at risk of losing their current standard of living in retirement. Americans find it increasingly hard to save for retirement amid stagnant wages and the rising cost of housing, healthcare, and college.”
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