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Retirees headed for rough times
Fifty years ago, Americans could count on a three-legged stool to rest upon in retirement: Social Security payments, a solid pension and the savings they had accumulated during a lifetime of work. Today’s American retirees are about to land on their duffs. Americans from post-depression generations have been more likely to spend than save for retirement. Social security is about to buckle under the weight of the the 10,000 baby boomers who retire each day, a number put forward by the Pew Research Center. The last leg, the seemingly stalwart pension systems that took care of retirees so nobly in the 20th century, is strained to the max and will provide the final explosion that convinces Americans to stop their spendy ways and create real plans for taking care of themselves as they age. Read more…
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