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Savers languish on fixed incomes
During her confirmation hearings to head the nation's central bank, Janet Yellen acknowledged something about the Federal Reserve's as-low-as-they-can-go interest rates.
"I understand savers are hurt by this policy," she told senators.
But Yellen, who would go on to be confirmed as Fed chair, defended the rock-bottom rates as necessary for getting the economy back to normal. And, she argued that savers -- including retirees on fixed incomes -- should want a healthy economy as much as anyone else because they may want to work part time in retirement, or they may have children or grandchildren who need jobs.
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Still, millions of Americans who saved diligently over the years might prefer a little more sympathy. Many have found themselves struggling, thanks to rates that have remained near zero percent for years.
"Our firm has long been of the belief that artificially low interest rates have punished savers and retirees," says Samuel Scott, president at Sunrise Advisors in Leawood, Kansas.
How has Fed policy pinched retirees? Bankrate counts six ways.