AFL-CIO Calls for Across-the-Board Raise in Social Security Benefits
America has a retirement security crisis—not a Social Security crisis, the AFL-CIO Executive Council said today in its annual winter meeting in Lake Buena Vista, Fla. And the answer is an across-the-board increase in Social Security benefits.
Half of working Americans have no retirement plan at all at work. Most of those who have a retirement plan are in 401(k) savings accounts where the median balances are less than $30,000. Taking into account all sources of income, it is estimated that the gap between what working Americans need to maintain their standard of living in retirement and what they actually have is $6.6 trillion.