Important Takeaways:

• Just over half of Americans over the age of 65 are earning under $30,000 a year, and it shows how stark the retirement crisis is
• There’s a retirement crisis looming for many Americans — and some are already living on scant incomes. Retirement becoming a luxury for Americans hoping to get a reprieve in their later years is something a handful of lawmakers are hoping to change.
• The report cited the National Retirement Risk Index which found that around half of households “will not be able to maintain their pre-retirement living standard,” and 56% of low-income households — and 45% of those who are middle-income — were “at risk” of not maintaining those pre-retirement standards at age 65.
• Even more glaringly, 73% of those in the bottom group of wealth holders were similarly at risk, compared to 28% of those in the highest wealth group.
• And, for some, the retirement crisis is already here. Just over half of Americans over the age of 65 are living on incomes of $30,000 or less a year, according to the Census Bureau’s Current Population Survey. The largest share — just under 23% — have incomes between $10,000 and $19,999.

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