The Federal Reserve is keeping interest rates low. The justification is to encourage economic growth and lower long-term borrowing costs for consumers and corporations. This is causing a burden on savers who are depending on interest to finance their retirment.
The federal government provides incentives to encourage saving. Deposits are insured by FDIC. IRAs are tax deferred and tax deductible. Consequently, many people planned their retirement based on the accumulation of interest on periodic deposits during working years and the withdrawal of interest after retirement. Low interest rates result in significantly reduced accumulations and withdrawals. Those nearing planned retirement will have to work longer. Those in retirement will have to deplete their principle. It's unfair!