Are American Retirees Headed for Poverty?

Last updated on: January 1, 2013 at 11:59 am by Desh Kapoor

Are American Retirees Headed for Poverty? 2013-01-01T11:59:38-06:00 Desh Kapoor

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One piece of information in an article on the coming trends intrigued and concerned me. As per a study, the Americans will be left with very less money at the end of their retirement. This is pretty serious.

What’s in your wallet? How about $5? That’s how much half of all Americans in retirement will have for food each day, says a study outlining our perilously low savings rate. Ominously, 75 percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. Golden years? Thirty grand might get you one year if you’re a tightwad who doesn’t get sick. In the old days, retirement was a three-legged stool: Folks had a pension, their own savings and, as a supplement, Social Security. Today, pensions are rapidly disappearing, or underfunded by trillions, and Social Security benefits are likely to get trimmed (higher eligibility ages, reduced benefits, or both). That means your personal savings — or lack thereof — looms ever larger. “Specifically, people ages 50 to 64 — 58 million in 2010 — will likely not have enough retirement assets to maintain their standard of living when they reach their mid-sixties,” another study warns.

Given that the Government itself is headed towards bankruptcy and also is cutting down on major expenditures and benefits like the unemployment and raising taxes – as the fiscal cliff has showed, the coming years for the retired folks will be fairly tough.

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