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A quarter of U.S. adults over the age of 50 have no retirement savings, according to a new AARP survey -- and 70% of people surveyed are worried about prices rising faster than their income.
The current figure of 76.1 years is the lowest since 1996. Compare that to the U.K., Belgium, France and the Netherlands, which boast expectancies of 80 or more — and Japan, where it’s 84.5 years.
One-fifth of workers 65 and older were employed in the U.S. last year—and as people live longer, the workforce age gap is only widening. Older workers are integral for the strength of businesses .
AARP, formerly the American Association of Retired Persons, is an interest group in the United States focusing on issues affecting those 50 years old and older. [3] The organization, which is headquartered in Washington, D.C. , said it had more than 38 million members as of 2018. [ 4 ]
Income over a threshold ($110,100 in 2012) is not subject to the payroll tax, nor are additional benefits paid to those with income above this level. Removing the cap would fund the entire 75-year shortfall. Raising the retirement age gradually. Raising the full-benefit retirement age to 70 would fund half the 75-year shortfall.
However, during the 2003 debate over the Medicare prescription drug benefit, the Alliance broke with AARP and publicly criticized AARP's leaders for being out of touch with seniors and caving in to financial incentives (AARP offers a number of health insurance products, some of which might have suffered had a more generous prescription drug ...
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