Retirement Will Be Our Next Big Crisis – And Some Good News
He points out that they are likely to live longer than previous generations, and will need correspondingly more medical and nursing care. And, as he puts it, “our public safety net is poorly managed, ill-thought-out, and threadbare.”
According to a Boston College report cited in the article, 40-60% of the country is at risk of being unable to maintain their standard of living in retirement, depending on their income earning levels.
According to another report cited in the article, 66% of workers have saved less than $50,000 for retirement, and an astounding 28% have saved less than $1,000!
Authors from the Boston College report warn “The only way out of this box is for people to save more and/or work longer.”
The good news is that that’s not quite true–people can also learn to earn more and/or work smarter. See Matt Lloyd’s retirement advice.