November 5, 2014

The real economy: retirement

Time - The average middle class American has only $20,000 in retirement savings, according to a new survey that shows large swathes of the public are aware of those shortfalls and feeling anxious about their golden years.... 22% of Americans said they would prefer to suffer an “early death” than retire without enough funds to support a comfortable standard of living.

Huffington Post - In a recent working paper, we find that only 44% of workers in the United States have access to a retirement plan at work. Except for workers with defined benefit plans, most middle class U.S. workers will not have adequate retirement income -- 55% of near-retirees will only have Social Security income at age 65.

According to one recent study, 40 percent of all Americans could not come up with $2000 right now even if there was a major emergency.

Average retirement age has risen three years in the past decade

Growing number of Americans feel they'll have to work until they're in the 80s . . .or until they die

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