“Only the privileged have access to a secure retirement,” says Theresa Ghilarducci, a labor economist at the New School for Social Research. (Star-Ledger, November, 28, 2016)
If only the privledged can have a secure retirement then nobody but the privledged should be retired. Virtually every American has either Social Security or a government pension. In many cases that is only a foundation of what is needed. However, except for truly poor Americans, everyone can modify their lifestyle to save for retirement. That is because money is spent routinely on non essential items.
You can argue with my logic, but until all retail shops, beauty salons, nail salons and restaurants, sports venues, theaters and concerts all shut down, I must be correct. It is not the privledged who are keeping this part of our economy going.
Lower income Americans may have more of a challenge, but they also have less to accumulate because Social Security replaces more of their income.
It all comes down to two basic alternatives; save 5-6% of your income and invest wisely or have that amount taxed and increase the Social Security benefit. Higher income workers must save even more to reach a reasonable replacement percentage.
Americans need to make a decision before it really is too late.