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If you want to worry the Baby Boom generation all you need to do is forward this Article to them. As we all know the Baby Boomer generation was respectful, hard working and above all else plentiful. With that said we are heading into a retirement crisis that is really hard to even fathom and our government is no where near prepared for its full outcome. According to this article there are 10,000 baby boomers reaching the full retirement age of 65 every single day right now! And it may be hard to believe but this will continue every single day, for the next 20 years.
By 2050 the number of Senior Citizens is projected to over double and they all worked very hard while paying hard into their very own Social Security fund. Many for 50 years or more, as it was not uncommon to start work at 16 back then. This hard working generation is owed a Social security pension backed by United States Government and I would like to know how we intend on making good on this promise when we are almost out of he black now. We can not. And will not. Over the next 20 years many if not all will be retired and collecting a check every month until death. State and Local governments will be peering at trillions of dollars in pensions that they can not ever fund. More along the lines of a 134 trillion dollar shortage or more over the next 75 years. it makes our current 17 trillion dollar deficit a drop in the bucket. But just remind yourself of it every time Obama sends money to the Muslim Brotherhood of United Egypt.
I guess it doesn’t really matter if the average American worker has roughly 10k saved for retirement because the Social Security retirement will be there to save the day. Yeah. Every guarantee made to that wonderful generation of hard working Americans has been flushed down the toilet. Here are 7 statistics that I find overly scary.
1. A recent poll lists 25 percent of all Americans between the age of 46 and 64 to have no retirement savings at all while another 26 percent in that age bracket have no personal savings what so ever. Another survey canvased that 46% of the workforce has less than $10,000 saved. Can that even buy a new car?
2. As of right now 1 out of 6 Elderly Americans lives underneath the Federal Poverty Line.
3. More Elderly Americans are learning that they must work past their retirement years to stay afloat financially. From 1985 to 2010 the number of Senior Citizens still working after the age 65 jumped from 18 to 32 percent!
4. Another survey states over 70% of all American Workers expect to continue working after retirement eligibility.
5. Most baby boomer workers expect to work to they drop. According to this Survey by the AARP.
6. Between 1991 and 2007 the number of retirees filing for bankruptcy rose by a whopping 178 percent. Largely in part to Medical bills from ailing elderly.
This quote was removed directly from the Social Security Administration Website.
The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012.
How could you live on 300 dollars per week? Easy answer. You cant.
7. As I mentioned our government is facing a 134 trillion dollar void over the next 75 year that it will not be able to pay out.
What are they to do? From what I have gathered all they have attempted to do is raise your Social Security retirement age up and hope you die early. That’s about it. An economic & societal collapse is looming, to think otherwise would be foolish. As I stress through out my site and most of my articles please do start investing and saving right now, its never too late. Best of luck.
Image from: iStockphoto
I live on a net income of $400 a week now . I pay out more than half of that for the roof over my head, but somehow manage to stay afloat. That will not be possible for much longer if gas keeps going up or my 12yr old truck quits on me. I have lived almost my whole adult life below the poverty level but worked every day. Saving for retirement under these cicumstances was not possible. However I raised 3 wonderful kids that had no doubt in their minds that I would discipline them if necessary, they are all grown now with kids of their own. At 61yrs I have known always that I will have to work until I drop dead in my tracks.
I am sorry to hear that and it is very sad that you have to fight to stay a float. You did your time. God bless.