Almost half of Americans don’t have a dedicated retirement savings account, according to the Federal Reserve’s 2022 Survey of Consumer Finances. The survey, which includes the latest government data, reveals only 54.4% of American families reported having dedicated retirement accounts such as a 401(k) or IRA.
On average, Social Security is considered to replace around 40% of a person's pre-retirement income, meaning it typically makes up about 40% of a retiree's total retirement income.
As the median 401(k) is less than 90 K, most retirees will be depending heavily on Social Security (and the sale of their home if they have problems meeting their nut on Social Security). I’m not sure the political will of our country will accept more tax cuts to rich people at the same time we cut Social Security benefits to the olds. If there is a line in the sand for Democrats, that would be it, and I don’t think Republicans who wanna be reelected are going to go all in on reducing Social Security and Medicare.
American voters are generally fine with fucking other people, but not so keen on fucking themselves.