The dream of retirement is turning out to be a nightmare, especially for the hard-working middle class Americans. And the scary truth is, most retirees will be blindsided by what I’m about to share. So if you are an American who is approaching retirement or has just retired, and are looking forward to your golden years, you’ll want to pay attention.
Today I’m here to help you navigate an unfolding crisis.
And through this special info-series “America’s Retirement Nightmare”, you’ll be equipped with everything you need to know.
Let’s not waste another moment…
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- 1 America’s Retirement Nightmare
- 1.1 The “total retirement savings are still suffering from aftershocks of the Recession.
- 1.2 While the typical American needs 85 percent of their working income to maintain their standard of living in retirement, Social Security provides only 35 percent”
- 1.3 Majority of working-age Americans have ZERO retirement savings –
- 2 The Government Got It Wrong
- 3 The Numbers Are Just Not Adding Up
America’s Retirement Nightmare
Urgent Statistics From The Belly Of The Beast
On February 6th, a key figure from the National Institute on Retirement Security (NIRS) gave a detailed presentation to a committee of the United States House of Representatives. If their presentation and other reports are any indication…
American retirees are laying on the tracks with a steaming locomotive coming right at them.
Take a look for yourself:
The “total retirement savings are still suffering from aftershocks of the Recession.
Because of the economic downturn, “many employers stopped matching employee contributions for a time. This led to a decline in total contributions to retirement, pushing them below 2008 levels.”
While the typical American needs 85 percent of their working income to maintain their standard of living in retirement, Social Security provides only 35 percent”
Leading to a retirement income gap that is 50 percent of pre-retirement earnings. This deficit has to be filled somehow.
Majority of working-age Americans have ZERO retirement savings –
Using U.S Census Bureau data, the institute also “found more than 100 million people (over half of the working-age Americans) don’t have retirement assets in an employer-sponsored defined contribution plan, pension plan or individual retirement account”
And that’s just part of the unfolding situation!
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The Government Got It Wrong
Here’s another ugly statistic…
According to a recent study, the government made two critical errors.
First, administrators in Washington believed retirement investment returns would be bigger than they are.
Second, they believed retired employees would die sooner.
Unfortunately, they were wrong on both counts.
After the financial crisis… “state and local pensions lost 35% to 40% of their money.”Older folks are living longer and needing more medical care, needing longer retirement benefits.And things have been worsening as both “state and local governments have neglected to take corrective action.”
They just thought the long-term nature of the investments could handle higher risk.
And because of this overlooked error, every year that goes by leads to more debt, more despair, more red ink.
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The Numbers Are Just Not Adding Up
Like the housing collapse, America’s pension problem has been simmering for decades. And the hole is becoming bigger and bigger, and the day is not too far when the hole will swallow public and private sector employees alike.
Here’s the back of the napkin math:
Today the shortfall is $4.4 trillion. Soon it will reach the $5 trillion mark. Divide that by the 158 million people in the American labor force. You get a shortfall of $32,000 per worker. If your eyes are bugging out, you’re not alone.
My research shows that this impending crisis is going to hit us faster than you think, too.
And this is just at the state level.
Up to the federal level, and that $32,000 looks a lot uglier – an astounding $171,000. It’s so bad… that public sector workers need to be aware that the benefits they have been expecting may not be there.
Not My Pension, Not My Problem?
Now at first blush, if you don’t have a government pension, or a pension at all, you may think this isn’t YOUR problem. But just think about how the housing crisis of 2008 unfolded. Just because YOU paid your mortgage…
And YOU made sound investment decisions… Did that mean YOU were safe?
The entire market exploded.
Housing prices fell.
There were massive layoffs.
It was a true crisis.
And today’s retirement crisis could be much worse – and could jeopardize the retirement dream from coast to coast. At a conservative estimate, almost half of all workers nearing retirement age will have nothing but Social Security to rely on for much of their income.
The problem is not just becuase of bad forecasting and an aging population. To compound matters even further…our workforce is not growing as quickly as it should be. That means more retirees are relying on fewer and fewer workers.
It’s no wonder that when top retirement experts and policy managers are asked to advise workers counting on a pension, they have just one word: “Don’t!”
And as the dominos fall on pensions, and government programs, and the general market…
The fallout will be severe.
I hope you see why I’m waving my arms today. America’s retirement nightmare is unfolding in front of our eyes. Fact is, on my computer right now I’ve got another statistic that’s going to blow your mind. I’ll warn you though, this “slow emergency” could be much worse than anyone thinks. And it could unfold much faster than anyone is predicting…
This could affect your income, your retirement, your happiness…
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