More on the Retirement Savings Crisis
With less than a quarter of Baby Boomers (born 1946 to 1964) and Gen-Xers (born from the mid-1960s to the mid-1970s) expressing confidence in their financial ability to support retirement, The Hill’s Cathy Weatherford outlines what is considered a “bonafide crisis,” made even more daunting by the lack of time remaining to correct the problem. With insufficient savings and extended life expediencies, she suggests that “alarming statistics clearly demonstrate that the U.S. will contend with serious retirement security challenges in the very near future.” In an article posted on thehill.com, Ms. Weatherford also analyzes the gender issues associated with this savings crisis, citing fewer earnings years and longer life expediencies for women as factors exacerbating the problem. Read her article here…
And while we’re on the subject, it’s important to note that AMAC’s founder, Dan Weber, has been in the forefront of the fight to address the problems facing America’s future retirees. As an action-oriented association, AMAC is resolved to do its part to call for progress on Social Security and the issues surrounding financial stability during retirement, and has developed its Social Security Guarantee legislative framework. This is a straightforward approach that, while ensuring the program’s solvency, also includes an avenue for individual accountability in the form of a flexible savings plan (an “Early Retirement Account”) that can empower future retirees to improve their financial security. Learn more about this AMAC-driven reform proposal here…