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The Boston Globe

Business

Banks’ record-low interest rates frustrate nation’s savers

Neil Silverman, a Framingham engineer, diligently saved for decades, accumulating a nest egg worth more than $1 million.

But when Silverman reached retirement age, he encountered an unexpected hurdle: interest rates so low that his savings are generating little income. Even $1 million in the bank at 1 percent interest yields just $10,000 a year — not much to live on.

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