Editor: Philip Ragner | Tactical Investor
Pension Crises: Fulled by Early Retirement?
According to the National Institute on Retirement Security, most working-age households in America do not meet conservative retirement savings targets for their age and income. This is particularly problematic for Baby Boomers who are retiring in large numbers. Despite this, recent data shows that over half of working Americans are retiring between the ages of 61 and 65, despite their lack of savings.
The main sources of income in retirement include Social Security, pensions, and personal savings. However, most retirees spend less than they can afford, leading to underspending in retirement. To avoid this, retirees can plan ahead, consider part-time work or a side hustle, and be willing to adjust their lifestyle to fit within their means. Overall, the retirement savings crisis in America requires a multi-faceted approach to address, including longer working years and improved savings habits. Full Story
Pension Crisis; Majority have no savings at all
The pension Crisis is going Global- no longer an American issue, only
Pension Crises: The system is ‘flawed’
American workers are falling short in saving for their retirement, according to a report by progressive think tank the Economic Policy Institute. The study showed that Americans aged between 56 and 61 had a median balance of just $21,000 in their 401(k) accounts, which represented nearly 30 years of savings. Millennials aged between 32 and 37 had just $1,000 saved in their 401(k)s.
The problem is compounded by the fact that Social Security retirement benefits are modest, at about $1,470 per month, while the average monthly expenditure on basics is $3,900. Retirement accounts such as pensions, 401(k)s, and individual retirement accounts are expected to fill the gap. Full Story
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