Many Seniors Keep Working to Make Ends Meet in Retirement

Oct 17, 2017

Americans are not coming close to saving enough for their retirement. A majority of people 65 and older are dependent upon Social Security for at least half their retirement income. Twenty percent of Social Security recipients 65 or older have no other income. And for a third of people 65 and older, Social Security represents 90 percent of their retirement income. Compounding the problem, the federal government has done a poor job of funding Social Security. The funds that people pay into the system are not put into a lock box. Instead they are put into the general fund and spent on current appropriations. Congress funds Social Security every year based on what the program expects to spend in the current year. Currently the federal government has an unfunded 75-year liability for Social Security and Medicare of $46.7 trillion. Seniors are compensating by working into their golden years. Many are becoming seasonal laborers. In 2016 18.6 percent of seniors were still working.