As the US prepares for the upcoming elections, the issue of retirement is weighing heavily on the minds of many Americans. The Bureau of Labor Statistics predicts that the number of workers over the age of 75 in the labor market will nearly double in the next decade, pointing to a looming retirement crisis.

Eric Payne, a 37-year-old single father working as the director of quality assurance for a seafood wholesaler near Portland, Maine, represents the struggles faced by many Americans. Despite his $80,000 salary, Payne finds himself struggling to make ends meet once essential expenses such as groceries, mortgage, and childcare are accounted for. He describes this process as "clicking," a constant battle to cover day-to-day expenses while sacrificing future financial security.

Payne's retirement plans are currently put on hold, as budgeting for the future seems impossible. With less than $10,000 saved for retirement from a previous job's 401(k) and his current company's employee stock ownership plan, Payne acknowledges that he may need to continue working well past the age of 65 as long as his health permits.

Unfortunately, Payne is not alone in his predicament. Traditional retirement savings in the US, such as pension plans, are becoming increasingly rare, with only 15% of private sector workers projected to have access to defined-benefit plans by 2022. Social Security payments still provide significant income for many older adults, but the trust fund is facing a 75-year deficit and might be depleted by the mid-2030s, resulting in reduced benefits for retirees.

The reliance on 401(k) plans has become more prominent, with 68% of private industry workers having access to them. However, only 50% of workers take advantage of these plans. BlackRock CEO Larry Fink emphasizes the need for an organized, high-level effort to address the retirement crisis, proposing ideas like extending the expected retirement age beyond 65 and expanding access to investing and 401(k) plans.

Saving for retirement is a distant thought for a significant portion of the American population. Recent data from Bankrate reveals that only 44% of US adults have enough savings to cover a $1,000 emergency expense. Inflation, the resumption of student loan payments, and the erosion of pandemic-era savings have left many Americans financially vulnerable.

This dire situation has led to an alarming trend of prematurely tapping into 401(k) accounts, often risking steep penalties. Jamie, a 54-year-old single mother working as a legal administrative assistant in Central Texas, has had to rely on her 401(k) savings multiple times to support herself and her son. Despite having around $15,000 remaining in her account, she still lives paycheck-to-paycheck and acknowledges that it is insufficient for a comfortable retirement.

The retirement crisis has become a pressing concern among voters heading into the November elections. With a significant portion of the population facing financial uncertainty, addressing this issue will be crucial for policymakers and corporate leaders to ensure the financial well-being of future generations and to avoid alienating younger Americans from capitalism and politics.