The nation’s retirement crisis has been a longstanding item on Washington’s agenda. When President Biden took office in January 2021, he had a clear intention to help lower- and middle-class Americans save for retirement. While his campaign overflowed with grand gestures of reform, the actual path for many of these initiatives has included various twists and turns.
The looming retirement crisis is multifaceted, as personal savings are historically low, Social Security is headed towards depletion of its surplus and pensions are going extinct. These factors create a three-legged stool where if one leg breaks, the stool becomes unstable — which is representative of many Americans’ retirement savings.
