Is a retirement a thing of the past? For many Americans – young and old – it is a dream that their generational predecessors got to enjoy. But is the retirement crisis created by our instant gratification or is it the fault of external factors?
Whatever the case may be, a significant number of people today don’t expect to retire because they have nothing to retire on.
According to a new study by GoBankingRates, nearly half (42 percent) of Americans have less than $10,000 saved for their retirement. A fifth of millennials, meanwhile, have nothing saved for their winter years.
So, why aren’t Americans saving for the days when they’re supposed to lounge on their recliner, wake up at 10 a.m., and spend time with the grandkids?
Here are the reasons cited by respondents:
– They don’t earn enough money (40.1 percent).
– They’re struggling to pay the bills (24.9 percent).
– They won’t need retirement savings (10.3 percent).
– They already used their savings for an emergency (9.9 percent).
– Their job doesn’t offer a retirement plan (9.2 percent).
– They are paying down their debt (5.7 percent).
With a longer life expectancy, a rising cost of living, and considerable debt levels, it looks like retirement for today’s workers is a thing of the past.
Oh, and don’t expect to live off of Social Security. It is going broke.
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