Page 8 The Skanner November 23, 2016
cont’d from pg 7
that’s been happily mar-
ried for more than 50
years and counting. Dor-
othy’s father had worked
in the nearby Naval ship-
yard before send bus
tickets for his wife and
kids to join him. Hurtis
arrived at the age of 2 but
was 6 yearsold and flying
a kite the day the dike
overflowed.
The two go on to re-
count how they started
dating, with Dorothy
stealing her future hub-
by from a girlfriend
while he was playing sax
for a popular local band
called The Fabulous Ma-
jestics. However, Hurtis
would eventually switch
careers and successful-
ly open up his very own
bakery.
In sum, kudos to the
producers for another
fascinating
collection
of tributes to a beloved
hometown that could
have just as easily been
forgotten forever after
being wiped off the map
in a flash.
DIVIDED AMERICA: Easy Retirement? Only For a Privileged Few
AP analysis of savings data says most U.S. households are in for a worse lifestyle in
retirement than they had while working
By STAN CHOE
AP Business Writer
NEW YORK — The American dream of a
blissful retirement, free of financial wor-
ries, is dying.
Most U.S. households are heading for
a worse lifestyle in retirement than they
had while they were working, because they
simply aren’t saving enough, experts say.
Thirty-five percent of households in their
prime earning years or later have noth-
ing saved in a retirement account and no
access to a traditional pension, according
to an AP analysis of savings data from the
Federal Reserve.
Among households that do have some sav-
ings, the typical amount is $73,200. That’s
about 15 months of the median household’s
income.
EDITOR’S NOTE — This is part of Divided
America, AP’s ongoing exploration of the
economic, social and political divisions in
American society.
One group doesn’t have to worry as much:
the richest 10 percent of households. They
typically have more than $413,000 in a re-
tirement account, according to the analysis
of the Fed’s latest data, which is from 2013.
The rest of us look a lot more like Nan-
cy Harvey, a 54-year-old child-care center
owner in Oakland, California, who has less
than $2,000 saved. Her plan, as of now, is to
continue with real-estate classes in hopes
that it can provide a second job.
“I have to work and pray and hope my
health continues to remain good so that I
AP PHOTO/MARCIO JOSE SANCHEZ
News
Vanport
In this Oct. 20 photo, Nancy Harvey, owner of Lil’ Nancy’s Primary Schoolhouse, left, cares for a toddler at her home,
which has she has converted into a child care center, in Oakland, Calif. Most U.S. households are heading for a worse
lifestyle in retirement than they had while they were working, because they simply aren’t saving enough, experts
say. Harvey, who has less than $2,000 saved despite her decades of work, plans to continue with real-estate classes
in hopes that it can provide a second job.
can continue to work,” she says. “I still have
a mortgage and all the insurance that goes
along with that, and I have to pay payroll
for my employees, which is really import-
ant to me. I can honestly say I’m frightened
Excellent HHHH
about the future.”
Unrated
Harvey isn’t alone, as the gap widens be-
Running time: 37 min.
tween the few households who don’t have to
worry about a comfortable retirement and
Distributor: The Skan-
everyone else. The anxiety even stretches
ner Foundation
across political affiliations. Nearly
equivalent percentages of Demo-
crats and Republicans say they’re
not managing very well in retire-
ment planning, a recent survey
from Lincoln Financial found.
The looming crisis is the result
of a system that’s increasingly put
workers in charge of saving for and
managing their own retirement.
Because the U.S. households at the
top have reaped most of the income
gains over the last decade — and be-
cause they have disproportionately
more access to retirement plans to
begin with — experts say the gap
in retirement savings is only grow-
ing wider. They’re expecting to see
more elderly Americans working
longer, moving in with their kids
and tapping assistance programs.
It is our primary goal as a labor union to better the lives of all people working
“Only the privileged have access
in the building trades through advocacy, civil demonstration, and the long-held
We honor the many
accomplishments of
African Americans.
belief that workers deserve a “family wage” - fair pay for an honest day’s work.
A family wage, and the benefits that go with it, not only strengthens families, but also
allows our communities to become stronger, more cohesive, and more
responsive to their citizens’ needs.
Our family wage agenda reflects our commitment to people working in the building
trades, and to workers everywhere. In this small way, we are doing our part to help
people achieve the American Dream. This dream that workers can hold dear
regardless of race, color, national origin, gender, creed, or religious beliefs.
Pacific Northwest Regional Council of Carpenters
Representing more than 5,000 construction workers in Oregon State.
Do you want to know more about becoming a Union carpenter?
Go to www.NWCarpenters.org
PORTLAND OFFICE
1636 East Burnside, Portland, OR 97214
503.261.1862 | 800.974.9052
HEADQUARTERS
25120 Pacific Hwy S, Suite 200, Kent, WA 98032
253.954.8800 | 800.573.8333
to a secure retirement,” says Teresa Ghilar-
ducci, a labor economist at the New School
for Social Research.
THE INCOME DIVIDE
It’s easier to save when you’re making
more money, and the vast majority of the
income gains have gone to the top in recent
years.
The top 10 percent of U.S. households
made more than $162,180 last year, up 6
percent from a decade earlier after adjust-
ing for inflation. For middle-income Amer-
icans, incomes have barely stayed ahead of
inflation. Lower-income households are
making less than a decade ago.
The benefit of making more money goes
beyond having more to save. Higher-in-
come households also get a bigger after-tax
benefit from putting money into a 401(k) or
another tax-advantaged account.
With traditional pensions increasingly
becoming extinct, it’s grown even more im-
portant for Americans to save. Meanwhile,
Social Security — the last line of defense
for many retirement plans — is at risk of
having enough money to pay only 79 per-
cent of benefits, starting in 2034.
ACCESS TO PLANS
The death of the traditional pension
means the burden is on us to save, and that’s
See RETIREMENT on page 9