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While
today's seniors are doing substantially better
than the rest of the nation in terms of finances,
tomorrow's seniors will be faced with much more
struggle. Many private sector jobs have been
curtailing benefits, such as pensions. In fact,
only 15 percent of private sector jobs provide
pensions today; in 1979 that figure was 38
percent. Moreover, with the national retirement
age rising to 67, monthly Social Security benefits
will fall by 13 percent. Potential reductions in
Social Security would significantly contribute to
rising poverty rates. In 2010, almost 14 million
elders placed above the poverty line due to Social
Security payments.
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