Today on Leonard Lopate at Large, sociologist Katherine S. Newman talks about her book “Downhill from Here: Retirement Insecurity in the Age of Inequality,” and why she believes the current American retirement crisis touches us all, cutting across class lines and generational divides.
As millions of Baby Boomers reach their golden years, the state of retirement in America is little short of a disaster.
Nearly half the households with people aged 55 and older have no retirement savings at all. The real estate crash wiped out much of the home equity that millions were counting on to support their retirement. And the typical Social Security check covers less than 40 percent of pre-retirement wages.