OPINION AND EDITORIAL
IF YOU'RE A BABY BOOMER THERE'S A GOOD CHANCE YOU'RE HEADED STRAIGHT FOR POVERTY IN YOUR "GOLDEN YEARS"
June 16, 2015
A 2013 article in Forbes said America is, "On the precipice of the greatest retirement crisis in the history of the world. In the decades to come, we will witness millions of elderly Americans, the Baby Boomers and others, slipping into poverty. Too frail to work, too poor to retire will become the “new normal” for many elderly Americans."
In fact, Edward Siedle who wrote that paragraph also penned in the same article:
"That dire prediction, which I wrote two years ago, is already coming true. Our national demographics, coupled with indisputable glaringly insufficient retirement savings and human physiology, suggest that a catastrophic outcome for at least a significant percentage of our elderly population is inevitable.
With the average 401(k) balance for 65 year olds estimated at $25,000 by independent experts – $100,000 if you believe the retirement planning industry - the decades many elders will spend in forced or elected “retirement” will be grim. (Update: In response to readers’ questions about the lower number, Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearing retirement in 2010 had less than $30,000 in their retirement accounts.)"
But even earlier than that, in 2012 in the pages of the Sky Valley Chronicle, John Burbank of the Economic Opportunity Institute was sounding the warning call about the looming retirement crisis.
With so many articles continuing to come out about the nightmare of poverty in old age that many Americans will face thanks to the elimination over the years of defined pensions in this country (and other things), Burbank's 2012 article is still a very timely read.
You'll find it here
You'll find the Forbes article cited above, here .