Thursday, September 8, 2022

"15 Brutally Honest Reasons Why The Middle Class Will Never Get To Retire"

Full screen recommended.
"15 Brutally Honest Reasons Why The 
Middle Class Will Never Get To Retire"
by Epic Economist

"Some people love their jobs so much they want to work forever. But truth be told – the vast majority of us would like to hang up our work hats at some point and be able to relax next to the people we love. Life is short and we don’t want to be working until we draw our last breath. Unfortunately, there’s some bad news: You might never be able to retire. In fact, millions of middle-class Americans will never get that chance, and in today’s video, we brought you several reasons that show you why.

A recent exposé published by The Guardian highlights that that’s the grim reality of a growing number of Americans, who are forced to work into their senior years because they can’t afford not to have a job. Estimates from the Bureau of Labor Statistics show that over the next decade, the number of workers ages 75 and older is expected to increase in the US by 96.5%, with their labor force participation rate projected to rise from 8.9% in 2020 to 11.7% by 2030, a rate that has steadily increased from 4.7% in 1996. By 2040, the US population of adults ages 65 and older is expected to skyrocket to 80.8 million from 54.1 million in 2019. As the aging US population grows, participation in retirement plans has continues to decline. “Nearly half of all families in the US have no retirement savings at all and inequality among Americans based on retirement savings is greater than income inequality. Over 15 million adults ages 65 and older are economically insecure, with incomes below 200% of the federal poverty line,” the report reveals.

“I have no savings, no assets, I don’t even own the home I’ve been renting for 15 years,” said Dr. Lisa Natale, 65, who still works as a chiropractor in Hawaii. “There’s no way I could afford to retire.”Similarly, Ted Newman of Columbus, Ohio, is a retired state government employee, but still needs to work full-time to be able to make ends meet.“I have been working full-time for the last 8 years since retiring, and my wife also. Her yearly salary went almost completely to pay student debt and I worked to have extras for the home,” said Newman.

Our population is growing old but their debt isn’t going anywhere. Over 9 million Americans ages 50 and older still have student debt, and the amount owed by this group is growing faster than any other age group. The report outlines that before the pandemic, 40,000 Americans had their social security retirement benefits garnished for student loans. Jane Switchenko, 63, of Massachusetts, says she and her 68-year-old husband cannot afford to retire, because of the debt they took out for their children to attend college.

“My husband and I must work until we die. Parent plus loans take over $1,000 a month, every month, for a decade now and we continue to see a rising balance,” said Switchenko. “Not only can we not retire, we cannot afford to fix our old house – we are desperate for new windows, have a leaking chimney, and need new electrical work done.” She added: “We work hard. We are frugal, but we’re getting up there and have nothing to look forward to because of these loans. We have five grandchildren and don’t know what we’ll be able to buy for Christmas.”

This has become the sad reality of what used the be the most prosperous economic group in America. They once could afford not only to live but thrive and dream of a better future. But now, they're trapped in a nightmare of collapsing living standards, rising prices, and giant piles of debt."

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