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‘Work, Retire, Repeat’ – Half of American Retirees Do Not Have Enough to Be Retired: Report

Author: Content Editor
A new report reveals that 50% of American retirees do not have enough savings to retire and are forced to return to work. CBS investigates the issue, highlighting the case of the Gesseck couple who are now working in their golden years in order to make ends meet. Labor economist Teresa Ghilarducci blames the failed retirements on the 401(k) retirement savings plan introduced in 1978, which she calls the "work, retirement, repeat syndrome". The effectiveness of the 401(k) plan is being questioned, particularly for lower income individuals whose retirement savings struggle to keep pace with inflation. The Gessecks, despite their social security, pension funds, and salaries, still find themselves with only $50 left at the end of each month.

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