Fifty percent of American retirees lack sufficient funds for retirement, leading many, like the Gessecks in Florida, to return to work. Labor economist Teresa Ghilarducci attributes this trend to the shortcomings of the 401(k) system, which has failed to support middle- and low-income earners adequately. Despite their efforts, the Gessecks end each month with only $50 to spare, highlighting the financial stress faced by many retirees.
read more