Retirement crisis is brewing

To the editor: Tagline seen in a Maxine cartoon: “I’m going to live off savings when I retire. What I’ll do for money the second week, I have no idea.” This might evoke a chuckle until you learn how many future seniors will be walking in Maxine’s ugly orthopedic slippers. A retirement crisis is brewing in America, and reliable experts agree the fallout will be catastrophic. Not only will most Americans not be able to retire with dignity, they will have to work well into old age or live out their “golden” years in poverty. Stagnating wages, loss of good-paying jobs, companies defaulting on pensions, rising health care costs and inadequate personal savings have all taken a toll. Panic attack statistics: Over 75 percent of those with 401(k)s have an average balance of $60,000. The median account contains less than $20,000. A third of retirees will be entirely dependent upon Social Security. Three-fourths will quickly outlive their pitifully inadequate IRAs and join their impoverished brethren. Unless Americans are willing to watch Grandma forage for dinner in garbage cans, something must be done, and now. State Sen. Dave Hansen introduced a bill to authorize a study to find ways to avert this crisis. This is not a partisan issue; current and future seniors of all political persuasions are at risk. Please contact your representatives in Madison. Ask them to support LRB 3894/1: “Creating the Wisconsin Private Secure Retirement Board and Plan.” There is no time to lose. Kathleen Marsh, Townsend