The decline in retirement readiness among millions of low-income Americans comes down to a few factors, including widening income inequality and a tax system that provides more savings benefits to the rich, according to the GAO and Ghilarducci. She noted that financial hardship is already rising among senior citizens, who were the only age group to see an increase in poverty rates in the most recent U.S. More Americans are likely to enter their senior years living in poverty because of these trends, Ghilarducci predicted. "They've lived their whole lives, their working careers, under this new system of voluntary defined contribution plans, a decrease in defined benefit plans and a decrease in Social Security benefits - and this is the result." "What is depressing about work and my own work is that we're looking at people right about to retire," she said.
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