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Opinion Without pensions, future retirees face financial trouble. Where’s Washington?

Peter Bergen: Two schools of thought when it comes to how well Americans will fare in retirement. He says a new study shows Americans spend less in retirement than when they worked. It's increasingly looking like the chicken littles have it right, he says. Bergen says most Americans are not putting enough of their own money away, and what they do save is often less than ideally invested. The Secure Act 2.0 passed the House this year in a bipartisan vote, with barely a whisper of dissent, Bergen writes. It increases the amount of money people over age 62 can set aside in tax-advantaged retirement accounts, and ups the age at which they need to begin taking mandatory distributions from 72 to 75 — two things that will generally benefit only the wealthiest seniors.

Sen. Rick Scott’s demand that all government programs receive congressional renewal every five years would all but put a bull's eye on Social Security. Meanwhile, inflation is at a 40-year high, while the stock market — which holds so many of those 401(k) investments — is swooning. Seniors and those in late middle age are going to need more help than just another tax-advantaged investment