Retirement Crisis Looms for Middle-Income Americans

Is America facing a serious financial crisis as a new generation approaches retirement? It seems so, especially when it comes to middle-income Americans. Black and Hispanic adults are particularly at risk due to their financial struggles in retirement. This group, known as the “Forgotten Middle,” may have difficulties affording necessary housing and care as they grow older.

A recent analysis from NORC at the University of Chicago sheds light on this issue. It focuses on older adults in the middle-income range, revealing that many of them will be unlikely to afford essential care and housing in the next decade. This financial forecast poses a challenge to aging with dignity, choice, and independence.

According to the analysis, this “Forgotten Middle” group is projected to become more diverse over time. Adults of color are expected to make up a larger percentage of the older, middle-income cohort in the coming years.

The study found that Black and Hispanic middle-income adults are overrepresented in the bottom quartile of financial resources. As a result, they are less likely to afford necessary care and housing options in the near future.

Moreover, homeownership rates for lower-income “Forgotten Middle” Americans have decreased significantly, leading to potential challenges in aging in place. Financial vulnerability is on the rise, given that a significant share of households with older adults are currently struggling or at risk of falling into economic insecurity.

To address these concerns, there are bipartisan legislative efforts in place to help more workers save for retirement. This includes automatically setting up retirement savings accounts for those who don’t have access to one through their work.

Are you concerned about affording retirement? If so, please reach out to this reporter at

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