Our country is in a whole heap of trouble economically speaking. The whole thing is a royal mess, a huge tangle of knots that looks impossible to undo. One of the worst aspects of this disaster is the retirement crisis that is growing rapidly, leaving millions of so-called “Boomers” struggling to make ends meet in their retirement years. It’s currently being estimated that 80 percent of our retirees are having difficulties currently or will be soon. Aren’t we supposed to be an economic superpower with the most financial success of any nation on the planet? How did we get into this position?
According to End of the American Dream, there are a few reasons we’ve created this horrific retirement crisis. First up, the average human lifespan has increased and thus retirees require more cash than they used to. Next, most retirees didn’t put enough money back during their working years to take care of themselves after they left the workforce. Add to that higher numbers of debt being taken into retirement age.
Third, the cost of healthcare has gone up astronomically making it difficult to pay for medicines, doctor visits, and testing needed to ensure good health at older ages.
Fourthly, high inflation has made the cost of living extremely oppressive. Fifthly, pension plans are less common then they once were, and so more retirees than ever are depending upon Social Security as their primary source of income. When you step back and consider the big picture, it is clear that we have a major problem on our hands, and there are no easy solutions.
Here’s a list of five mind-blowing statistics concerning our retirement crisis that will leave you stunned.
#1 Back in 1940, the average life expectancy of a 65-year-old was about 14 years. Now, it is over 20 years.
#2 The number of Americans that are 65 and older will rise to about 77 million by 2035.
#3 Americans that are retiring now will need an average of $1.22 million to last thirty years in retirement.
#4 Only about half of all U.S. households currently have retirement savings accounts.
#5 One recent survey found that 93 percent of Republicans, 86 percent of Democrats, and 94 percent of independents believe that there is a retirement savings crisis in this country.
And that’s not all. I have a bonus for you.
There are now 47 million U.S. households that have older adults that are either currently experiencing financial struggles or at risk of doing so in the future. A total of 80 percent of Americans have considered pushing back retirement because of financial difficulties.
President-elect Donald Trump and his administration need to come up with some sort of plan to help put us back on the right path when it comes to the retirement crisis in order to ensure that our elderly have all their needs met and that future generations don’t find themselves in similar situations.
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