CITY OF SEATTLE
RESOLUTION __________________
title
A RESOLUTION addressing the retirement security crisis.
body
WHEREAS, the United States is facing a vast retirement savings deficit estimated to be as much as $6.6 trillion and most Americans have little or nothing in retirement savings; and
WHEREAS, the median retirement savings for all working age households in the U.S. is $3,000, and more than one-third of working age adults have no retirement savings at all; and
WHEREAS, a January 2016, survey by Forbes Magazine and Bankrate.com found that a majority of Americans (56.3 percent) have less than $1,000 in their checking and savings accounts; and
WHEREAS, more than half of U.S. workers have no workplace retirement plans, and of those who do, just 35 percent have defined benefit pensions; and
WHEREAS, Social Security retiree benefits average less than $1,300 per month. For two out of three retirees, these benefits provide more than half the total of their income, and for 36 percent, Social Security is the sole source of their income including people living with long-term disabilities; and
WHEREAS, in Seattle in 2010, 11.5 percent of the population is over age 65, and 24.5 percent are between the ages of 45 and 64 (Source: American Community Survey); and
WHEREAS, people of color make up approximately 30 percent of Seattle's population, and the Social Security Administration statistics demonstrate that people of color are more likely to rely on Social Security as their primary source or sole source of income (Sources: American Community Survey and Social Security Administration); and
WHEREAS, women in Seattle comprise 57.9 percent of Seattle's population over the age of 65, and the average Social Security benefit for women 65 and older is about $12,400 per year compared to about $16,500 per year for men 65 and older (Sources: American Community Survey, Social Security Administration, and National Women's Law Center); and
WHEREAS, for LGBTQ elders, a lifetime of em...
Click here for full text