America’s “Retirement Crisis” Explained
According to this article, “The trade-off to sure up your retirement is as tough as a stewed skunk: You either need to save more now or work more later. ” That’s an unpalatable, but apt description of a solution to the general lack of retirement savings suffered by many, if not most, pre-retirement Americans. Studies and surveys over the years have concluded that most Americans simply don’t save enough to ensure that their so-called “golden years” will be, well, “golden.” According to most studies, about half of all Americans report that they either will struggle, or are struggling, with their retirement finances. Thus the conclusion, as pointed out in this Forbes article by Taylor Tepper, that you should save more before you retire, or plan to work longer to make up for the lack of savings. Click here to read more.
AMAC’s proposed Social Security Guarantee Plus, which ensures Social Security solvency for generations, also includes a simple voluntary investment vehicle which greatly facilitates retirement savings. This plan allow employees to save a percentage of their salary, and get an employer match, in a “Social Security Plus” account which could grow to be a million dollars at retirement. A great solution to the “retirement crisis.”