According to BeforeItsNews.com, “The United States financial system is facing a retirement crisis of unprecedented magnitude in the coming years. Social Security and Medicare are both on the verge of collapse, and both private and public pension funds all over America are massively underfunded. Now new data is revealing that the number of Americans who have virtually nothing saved up for retirement continues to grow at a rapid pace.”
“According to the Employee Benefit Research Institute’s annual Retirement Confidence Survey, the percentage of American workers who have less than $10,000 saved for retirement has grown to 43%. The number of American workers who say that they have less than $1,000 saved for retirement has grown to 27%. But perhaps this should be no surprise considering the fact that tens of millions of Americans are just trying to figure out how to get through each month financially. After all, it is really hard to plan for retirement when you can barely pay your mortgage.”
So how is the country shaping up?
- Boomers – Currently crashing into Social Security with almost nothing saved for retirement. Made a big bet on their house as the retirement golden goose but that egg went bust. Now entirely dependant on family and government assistance.
- Working Class – Won’t have Social Security when they retire and have decided to save exactly zip. This is the Train Wreck generation.
- Youth of America – Unaware or apathetic to the entire problem. Looking forward with a warm heart to the loving embrace of the nanny state to coddle them during their golden years; willing to sacrifice any remaining freedoms to secure a big warm government hug.
What is this country slowly changing into over the course of three generations and a few hundred years?
Original article here.