For Americans facing Retirement Income Crisis, Social Security is Critical

Americans preparing for retirement are facing a looming crisis.  According to the Center for Retirement Research at Boston College, the Retirement Income Deficit–the gap between what Americans have saved through Social Security, employer pensions, 401(k)s, & other forms of saving and what they will need to maintain their standing of living in retirement–is $6.6 trillion dollars.  As wages have stagnated and traditional pensions have declined, Social Security remains the most efficient, fair, universal, and secure source of retirement income, and should be expanded in order to protect vulnerable Americans from this looming crisis.

Social Security is the Solution to the Retirement Income Crisis