Almost no one can afford to retire

Sarah Kendzior

For the Chronicle of Higher Education, I wrote about the retirement crisis in academia, but it applies to US workers generally:

America’s contingent faculty are not alone in their predicament. According to the National Institute on Retirement Security, 92% of working households in the US do not meet conservative retirement savings targets for their age and income. 45% of working households have no retirement savings at all. The average amount a working household with retirement savings has is $3000. For households with members closest to retirement, the average amount is $12,000.

In short, adjuncts are part of a broader crisis that has decimated the middle class since the 2008 financial collapse. According to the Federal Reserve, 57% of Americans said they’d used some or all of their savings in the Great Recession. The Great Recession led to an economic restructuring in which part-time and contingent labor – “the gig…

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