Contributing author Richard Fossey recently wrote about how badly retirement is going to treat Baby Boomers.
His post The Baby Boomers are Toast: Massive Suffering is Right Around the Corner says, “And many of my contemporaries are frightened. One-third of senior Americans live entirely on Social Security, and the average payout is only $1,220 a month. That’s 19 million retirees living near or below the poverty line.”
This has been a slow-moving train wreck I’ve been blabbering on about for years now. People get such tunnel vision about dealing with their debt that they don’t account for the need to get back in the saving for retirement game quickly.
But the retirement crisis that is absolutely coming starts much earlier in life. Saving early on is mandatory to have enough resources to help you when you are older and unable to work.
But with stagnant wages and increased family finance pressure from health insurance and student loans, younger families are falling behind and falling out the bottom of the middle class.
A comprehensive article by The Wall Street Journal started with, “The American middle class is falling deeper into debt to maintain a middle-class lifestyle.” The facts seem to support the slow slide of people into an income range where they are unable to tread water, much less save for retirement.
You might be outraged by people asking for help with public benefits but what are you going to do when the “they” become “you” in a financial tailspin and old and unable to work?