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Retirement Outlook Taking on an Increasingly Gloomy Perspective - Moneywise.com; Pew Research
The combination of inadequate savings and excessive debt is eroding optimism among future retirees, according to Pew Research Center reports. “40% of American adults don’t feel confident they’ll have enough income and assets to last their entire retirement…” says Moneywise contributor Emma Caplan in a post on their website. Perhaps even worse, her recap of Pew’s Education Data Initiative reports this cohort includes those who “… feel they won’t be able to retire, period.” Ms. Caplan’s post, which you can read in full here, suggests that the culprit here is the debt levels many project they will carry into their retirement years, something that also inhibits their ability to build wealth to supplement retirement accounts.
Add to this negative atmosphere the growing concerns around Social Security’s projected insolvency, and you have the makings of a rocky road ahead for future retirees. This, of course, is a counterpoint to the theme of retiree insolvency apathy expressed in today’s headline post on this site, adding fuel to the debates on how to address Social Security’s financial future.