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Survey Results Point to an Unfolding “Retirement Crisis”
Nearly nine in ten participants in a recent Alliance for Prosperity and a Secure Retirement (APSR) poll feel a retirement crisis is on the way for Americans. With only about a quarter of the poll participants feeling confident in their ability to fund their retirement, and with young participants similarly concerned, this inadequacy of funding could presage a severe crisis. Click here to read a full analysis of the survey posted by the Financial Advisor staff reporters.
From a Social Security perspective, the absence of adequate retirement savings is magnified by the simple fact that retirement benefits offered by the program are designed to replace way less than half of pre-retirement earnings. With some economists suggesting a savings level of six times annual earnings to be appropriate for an age 50 future retiree, and with a surprising number of retirees arriving at the gate with virtually no accumulated wealth, it’s problematic to see interest in this problem developing in future retirees.
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