With a higher cost of living, rampant price inflation, a devaluation of the United States dollar and enormous public and private debt levels, Americans seem to be no longer living out the American Dream. Instead, they are living paycheck-to-paycheck – a part of it their fault, while another is the result of an inflationist, high-tax, pro-government society.
The Associated Press-NORC Center for Public Affairs Research published the results of a new poll of American workers over the age of 50. It discovered that nearly half (47 percent) of participants said they expect to retire later, mostly by about three years. It found that minorities, males, parents of minor children, those without health insurance and those earning less than 50,000 per year were less likely to retire in their projected timeframe.
Why are older Americans working longer? A majority of the respondents cited finances (78 percent), health (75 percent) and the need for employee benefits (67 percent). In addition to these reasons, study participants revealed important points:
– One in six have less than $1,000 in retirement savings
– 25 percent have admitted they are not saving outside of Social Security
– 12 percent of workers have borrowed from a 401(k) or another retirement plan
Instead of saving and investing for retirement, Americans have been living beyond their means and spending a lot of their income on items just to keep up with the Joneses. This is due to the Federal Reserve’s record-low interest rates and easy credit operations.
Those who have taken the necessary measures to have a decent retirement have also been penalized over the years. On top of the said interest rates, the federal government and central bank’s propping up of bubbles and bailing out Wall Street has been a major factor in devastating household finances.
Once the Fed’s money printing becomes too much, the dollar will collapse and everyone, not just those nearing retirement, will experience tremendous financial reckoning.