There is a retirement crisis unfolding the United States. And this isn’t a retirement crisis that will happen in the next 20 or 30 years, it’s happening right now to both Baby Boomers and millennials.
According to a new survey, more than one-quarter (29 percent) of all Americans are concerned about running out of money during retirement.
When combing through the numbers, 28 percent of Generation Xers were most concerned. This is followed by 21 percent of those at least 71 years of age and 19 percent of Baby Boomers.
Maintaining their current lifestyles and paying for their healthcare in retirement are the biggest worries among Americans.
“I think when you look at the top fears of people and what’s on their minds, and 25 percent of Americans are concerned about outliving their retirement, the immediate reaction is a lot of people aren’t thinking about that or don’t want to because they haven’t’ looked at what their future holds,” says Jim Poolman, executive director of the Indexed Annuity Leadership Council, in an interview with the Washington Post.
The Baby Boomers have a serious problem on their hands: a quarter of them has at most $5,000 set aside for retirement. This means they will spend their retirement years working or depending on Social Security. We all know Social Security will soon run out of money (SEE: Diminishing pensions and Social Security funds could put seniors on food stamps).
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