Posted on 06/22/2018 4:14:38 PM PDT by simpson96
Americans are reaching retirement age in worse financial shape than the prior generation, for the first time since Harry Truman was president.
This cohort should be on the cusp of their golden years. Instead, their median incomes including Social Security and retirement-fund receipts haven’t risen in years, after having increased steadily from the 1950s.
They have high average debt, are often paying off children’s educations and are dipping into savings to care for aging parents. Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two.
In total, more than 40% of households headed by people aged 55 through 70 lack sufficient resources to maintain their living standard in retirement, a Wall Street Journal analysis concluded. That is around 15 million American households.
Things are likely to get worse for a broader swath of America. New census data released this week shows the surge of aging boomers is leaving the country with fewer young workers to support the elderly.
Individuals will find themselves staying on the job past 70 or taking menial jobs as senior citizens. They’ll have to rely more on children for funding, pressuring younger generations, too.
(Excerpt) Read more at wsj.com ...
It’s because they were told that social security was going to take care of everything.
Perhaps shifting from paying it forward by passing on the family business to spending it all on yourself an let the kids feed on the scraps was not a good plan after all.
Thanks FDR...
Oh my God watch out for the Fellow Freepers!
When the Dow goes from 8600 to 19000 at the same time gold goes from 30 bucks an ounce to 1300 bucks means my dollar put into SS as a young man came out worth a penny today.
Bammy printing billions to give to wall street to buy stocks with vastly inflated the stock market while shrinking the dollars buying power of all forms of savings, The effects will increase for a decade or two before the real market of goods being chased by way too many dollars settles out.
Ah, the perils of being led by fools...
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