The Globe should be commended for its Oct. 1 article “Low rates frustrate savers,” which gets at the untenable situation millions of older adults are facing.
Older adults have been disproportionately injured by the economic crisis, and financial planning and aging in place have been made all the more difficult, particularly for seniors of modest means. This problem illustrates the importance of renewed national commitment to strong defined benefit pension programs and retirement benefits, as well as continued support for strong Social Security and Medicare programs. We are all seniors in waiting, and we must be forward-thinking about policies and practices that will allow older adults to retire and live with dignity and economic security.
Comments
Better to have one's savings in a safe FDIC-protected CD at low interest than to put the money into market funds and take a chance at getting wiped out. WE know people who have had their stock portfolios and 401ks destroyed by Wall street shenanigans, while the 1% keeps raking in profits.