Thursday, August 02, 2007

Slip-Sliding Retirements

The Center for Retirement Research at Boston University has published a report asking "Is There Really a Retirement Savings Crisis?"

The short answer is yes.

In 1992 20% of the people aged 51 to 61 were at risk of facing a declining standard of living when they retired. Today 32% of the people that age are at risk.

35% of the Baby Boomers born between 1946 and 1954 are at risk. 44% of the Baby Boomers born between 1954 and 1964 are at risk.

49% of the Gen-Xer's born between 1964 and 1972 are at risk.

If you were born after 1972 . . . well, without saying so, because he's still trying to recruit you to fight his wars and pay taxes to brake your elder's slide into poverty, Uncle Sam's making it clear that you're on your own.

2 comments:

Michael Westmoreland-White said...

My mother's illness wiped out my parents' savings for retirement. Insurance and SSI helped defray funeral costs. But my father will never be able to retire, now. He will become one of the many elderly who live below the poverty line, working until he dies. Us kids try to help, but we are also struggling.
If only my father's story were unique, but it is so common in America. In Europe, they do not call people "retired," but "pensioners," because the govt. guarantees a pension to all citizens--and at better rates than our Social Security. (In Europe, the term "social security" refers to health insurance, pensions, disability, etc.--an entire range of guarantees that life's hardships won't leave you without dignity.)

Dr. Bruce Prescott said...

Michael,

You mentioned Europe's social security system as,

"-- an entire range of guarantees that life's hardships won't leave you without dignity."

Here we have a lottery and a gauntlet. Everyone gets a chance run the gauntlet of the health care system, the stock market and a rigged economic system to see if they can make it to their grave with any semblance of dignity.