HEY, NOW THAT WE HAVE A REPUBLICAN PRESIDENT, PEOPLE ARE STARTING TO NOTICE THAT LOW INTEREST RATES ARE HURTING SENIORS: “The average one-year CD hasn’t paid more than 1% since 2009, according to Bankrate.com. The drop in interest rates since the financial crisis cost U.S. savers almost $1 trillion in lost income from savings accounts, CDs and bonds from the start of 2008 through 2015, taking into account money saved on debt costs, according to April 2016 research by insurer Swiss Re. . . . Now fully retired since 2013, Dr. Stein is increasingly nervous about making his savings last—not only for himself, but also for his wife, who is 16 years his junior. They receive Social Security, and it covers most basic needs, but he still fears running out of money because health issues would keep him from working to make up the difference.”
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