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"15 Jaw-Dropping Stats About
The State Of Retirement In America"
by Epic Economist
"Even those who worked to the bone throughout their entire lives may have a tortuous path to retirement. The dream of hanging off the working hat, and turning the senior years into golden years is looking more like a fairy tale these days. With incomes that fail to support our basic necessities, it's getting harder and harder to find ways to save for retirement. And even the workers who are squeezing their budgets now to save for later are at risk of seeing their savings being wiped out by the brutal volatility that is gripping financial markets right now.
That’s a truly sad prospect for millions of hard-working Americans who have dedicated their lives to their jobs and careers but still won’t be able to be a part of the American dream. With the cost of living rising at the fastest pace in 40 years, there’s a growing trend of Americans who are taking money away from their retirement funds early. A poll conducted by TD Ameritrade found that 54% of Americans between the ages of 45 and 65 have dipped into their retirement accounts over the past twelve months. Financial experts warn that the practice can cause severe hardships later on, especially considering that as time goes by, it gets harder and harder to rebuild those savings.
Almost 70% of Americans say the rising cost of living is the biggest threat to their financial security, and there is evidence that supports their view. A new Federal Reserve survey indicates that 53% of Americans don’t have enough savings to cover a $400 emergency expense such as an unexpected medical bill, car problem, or home repair. Moreover, student loan debt is also a major obstacle for workers to save enough for retirement. Believe it or not, 73% of Americans are putting off maximizing their retirement savings due to their student loans, while 32% are not saving for retirement at all because of their student loans.
In an economic system that is designed to have winners and losers – or, the haves and the have-nots, – we’re being gradually excluded from our own narrative. It is through the efforts of our great population that our nation grows and thrives. But it seems like most of the wealth we produce is retained by those who are at the very top of the economic chain. While corporate CEOs have seen their wealth rise by over 800% since the year 2000, we have barely seen our wages edging above inflation. This isn’t how things were supposed to be in this country. We should all have the right to have a decent standard of living during our working years and after we retire.
Unfortunately, the long-term trends that have put us where we are right now are likely to persist for many more years to come. By the end of the decade, we might find ourselves in the most chaotic economic environment in history. Even worse, we may be struggling to get the financial support we need at the time we are going to need it the most. An unprecedented retirement crisis is about to burst in the United States, and its impact will be far more catastrophic than people can imagine. That's what we're going to expose in today's video."
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