More than half of seniors survive on less than $30,000 annually, according to a report by Bernie Sanders- Though the current system is refusing it, “Americans Deserve To Retire With Dignity”

The American goal of retirement is gradually becoming less of an unattainable dream for many people as they approach their senior years, when relaxation and pleasure might be the reward for years of hard work.

The number of people who can afford retirement is decreasing as financial instability increases with age. Sen. Bernie Sanders (I-Vermont) draws attention to this sad fact in a recent report that illuminates the difficulties experienced by people who are approaching or thinking about retirement.

Sanders’ research cites the National Retirement Risk Index, which reveals a troubling statistic: approximately 50% of American families face a decline in their level of living upon retirement.

A greater number of families—56% of low-income and 45% of middle-class—run a chance of never being able to continue living the way they did before retiring when they turn 65. In terms of wealth distribution, the difference grows, with 73% of the poorest people at risk and only 28% of the wealthiest people.

One straightforward fact is stated in Sanders’ report: “After many years of hard work, Americans deserved to retire with dignity.”

However, many employees face the possibility of a retirement that is financially unstable due to the present system, which favors Wall Street. An increasing number of older Americans are living in poverty, making reform an urgent necessity. Over fifty percent of Americans above the age of 65 live on their own, based on to the Census Bureau’s Current Population Survey.

The deficiency of retirement savings is another issue highlighted by the Federal Reserve’s Survey of Consumer Finances. Just 51% of Americans between the ages of 65 and 74 and 42% of those over 75 have retirement funds. The fact that just 10% of seniors live in poverty—a percentage that would rise to 38% in the absence of Social Security income—makes the absence of a financial safety net concerning.

However, comparable to many other wealthy nations, Social Security payments in the United States are fewer than 40% of an employee’s salary, whereas the average benefit provided by the Organization for Economic Co-operation and Development (OECD) is 51.8%.