New Retirement Study Says Boomers are Cooked
Since 1991, a Retirement Confidence Survey of Americans has been conducted each year, and the results are scarier than ever.
The highlights of the just-released 2007 survey include:
A large percentage of Americans are ignorant of the problems the U.S. retirement system is experiencing, and workers are not adapting.
Many workers are counting on employer-provided retirement benefits that are increasingly unavailable.
Almost half of workers saving for retirement report total savings and investments (not including the value of their primary residence or any defined benefit plans) of less than $25,000.
Check out the details of the Retirement Confidence Survey, brought to you by the Employee Benefit Research Institute and the research firm of Mathew Greenwald & Associates.
April 24th, 2007 at 12:50 pm
If the Baby Boomers are screwed (that would be my parents) then I’m shit out of luck.
April 24th, 2007 at 2:06 pm
God has blessed us, I think we are fine as far as income goes, but I’m having a bit of a problem getting “long term care” insurance.
I’m 6′1″, weigh 230, and have Type 2 diabetes…so that turns many of the companies off instantly.
There should be a law…on paper I may appear to be a risk, but in person I’m in good shape, walk and hike a lot, and have no problems. They should be made to cover me! Don’t you?
April 24th, 2007 at 2:24 pm
Robin: Yup.
Mushy: I think everyone should have insurance, no questions asked. If you click the link above, you will see some stuff in the study about long-term insurance. Interesting.
April 25th, 2007 at 7:35 am
I think our society encourages consumption and saving money is not promoted like it should be. Also, many people are still clueless about handling and investing their money for the best possible return. I’m still learning these things myself.
April 26th, 2007 at 10:03 pm
http://noretirementnopensionoops.blogspot.com/
I am in deep doo doo re retirement fund. HELP!
April 28th, 2007 at 7:35 am
All I can say is that we have to consider the fact that we will continue to work longer. After all, we’re living longer and healthier as well! It’s not quite as tragic as it sounds. The thing I’m trying to take heart from is that by living longer, old age is ‘postponed’ and I’ll have longer to save! It’s never too late to get in the game.
June 6th, 2007 at 8:28 am
[...] I know I’m always trying to get all of you to save more for retirement. Sometimes I follow my own advice, sometimes not. [...]