Many depend on Social Security
The Social Security Administration reported that as of 2012 approximately half of seniors living in retirement received more than half of their income from Social Security. Those retirees in the bottom third had less than $20,000 in total income — the bulk of which was monthly Social Security income.
A solution for the retirement savings crisis should provide greater tax incentives for households to save for future retirement. Enhanced tax benefits could also help small businesses to offer 401(k) plans to their employees.
