The Center for Retirement Research at Boston College has released a report indicating that nearly half of all Americans won’t have enough for retirement.
The [report] shows that, even if people retire at age 65 and households annuitize all their wealth including the receipts from reverse mortgages on their homes, 43 percent will be at risk. But the situation is not hopeless — if people choose to work longer — even just two years — and save 3 percent more, they can substantially improve the outlook for their retirement security.
For more detailed information, check out the documents at the National Retirement Risk Index web site.
[via CNNMoney]
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In Australia, the Government started an initiative to have 9% of all income to be sent to Superannuation…
There also tax concession benefits if you contribute to this pile of cash which you can only access after the age of 65.
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I know it’s not exactly the USA culture to do so, but what about having a more family orientated community? One where the money earners (people 20-60 years old) provide for the family as a whole (new borns and elderly).
Okay, maybe it’s a long shot, but if 43% don’t have enough something has to change for them and all of us.
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[...] Many people will not have enough saved for retirement, forcing them to work longer than they’d planned. But according to an article in this morning’s USA Today, many Americans are forced to retire years before they want to. Most of today’s middle-age workers who want to continue working after 60 or even 65 will need to find a new source of income. While nearly half of baby boomers expect to work past 65, only 13% of current retirees surveyed this year by consulting firm McKinsey & Co. actually worked past that age. Forty percent of current retirees were forced to stop working earlier than they had planned, the survey found. The average age when current retirees left the workforce: 59. [...]
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This is one of my concerns for the US as a whole in the future. What the heck is going to happen to all those people that CANNOT retire!? And futher, what the heck is that going to do to the country and the rest of the people that can retire?!
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That’s their fault. I have told people about this, mostly family members. They are continuing on their way. What happens to them is their own fault. They certainly preached to me that I was my own responsibilty.
A family member says she doesn’t make enough to save for retirement. I told her to stop smoking.
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