For millions of aging Americans, the dream of a secure retirement has proved elusive. But if you think interest rate hikes from the Federal Reserve will provide relief, you're wrong. Many graying Americans, particularly the poorest, have saved so little and borrowed so much that raising rates will have no real positive impact and may even hurt. The result could be a still-wider gap between the richest and neediest retirees. On average, the poorest 20 percent of Americans older than 64 earned just $38 annually in interest, about 0.2 percent of their income, according to a review by Bloomberg in conjunction with the Boston College Center for Retirement Research. The same group is also carrying more credit card debt-$2,403 on average-than any of their richer fellow seniors. That burden will grow heavier as rates rise.
展开▼
