The Retirement Crisis Is Here For Millions-Income Inequality Now Set To Wreak Its Ugly Revenge

by Rick Ungar, Forbes.com  |  published on March 22, 2013

retirement

The Employee Benefits Research Institute (EBRI) has today released its report highlighting the intense state of insecurity American workers are experiencing as they look forward—with ever increasing trepidation—to a retirement without sufficient money to see them through.

According to the data, American workers have very good reason to be afraid.

Per the survey conducted by EBRI, 57 percent of American workers currently have less than $25,000 in total savings and investments (excluding the value of their homes) put aside for retirement. In 2008, that number was 49 percent. As a result, almost 50 percent of the nation’s workers are either “not too confident” or “not at all confident” that they will have sufficient resources to cover the bills in their retirement—while many who are feeling a bit better about the future may just be kidding themselves.

What’s more, it’s getting worse every year.

In 2009, 75 percent of the nation’s working class had managed to put something away for retirement, even if the amount was insufficient to take care of them in a time of increasing prices and rising life expectancy. Today—just four years later—that number has fallen to just 66 percent of workers who have been able to set something aside for their sunset years.

These dramatic numbers should come as a surprise to nobody as the statistics have long made clear how badly worker income has stagnated in America since the 70’s.

No comments yet - you can be the first!

Comments are closed.

Do you Love your country but hate your government?

Join your fellow Libertarians who seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others. Join over 500,000 Americans who get their daily dose of minimal government and maximum freedom with The New Liberty Movement.

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.