Americans face growing economic insecurity, questioning their ability to achieve traditional milestones like homeownership and retirement. A major concern is the lack of lifelong income security in retirement, with around 45% of households at risk of running out of funds. While saving for retirement has been emphasized, turning those savings into guaranteed income remains overlooked. Stories of individuals, like the author's father, illustrate the real-life impacts of this issue, highlighting the need for policies that prioritize secure retirement income to alleviate concerns and enhance financial stability.
Many Americans retire without knowing how long they will live or how long their savings will really last. Even people with generous retirement plans at large companies often don't have the security that comes with knowing they'll have a monthly income.
About 45 percent of American households will run short of money in retirement, according to a projection from Morningstar, an investment research firm.
Americans urgently need to put secure lifetime income back at the center of retirement planning.
This economic uncertainty is making many feel left out and left behind. People are casting a wide net for solutions, and policymakers should be ready with big, creative, new ideas.
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