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The Most Frightening Personal Finance Data You Will Ever Read

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Figures about people headed for retirement have my heart pounding in my chest. It’s the most frightening information you will read and hopefully it will help some people to get scared straight and fix this mess before it is too late.

Government data shows 41 percent of Americans aged 55-64 have no retirement savings account.

For those in this age group who do have a retirement account, the median account balance is only $103,200. In addition, an increasing number of Americans are retiring without pensions.

The Employee Benefit Research Institute (EBRI) finds that 44 percent of baby boomers will fall short of adequate retirement income for basic expenses and uninsured health care costs. Women, in particular, have an increased likelihood of outliving assets due to, among other things, lower savings and lower private pension coverage. – Source

I hate to be an overreacting alarmist but Oh My God! What are we going to do as a society when nearly 4 out of 10 people won’t have sufficient income to cover their basic expenses? Will we start putting retirees out at the curb or raising taxes to cover basic living expenses?

What do you think the answer is to help protect these people from being cold, broke, and hungry?

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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