More Seniors Than Ever Are Worried About Retirement

Posted by adaniels in Blog on January 4, 2012

 OnWallStreet.com recently looked at what it called “12 Terrifying Retirement Facts Keeping Boomers – And Their Advisors – Up at Night.” Here are the scary facts:

1.                  The Employee Benefit Research Institute says that only 46% of American workers have under $10,000 saved for their retirement. Even worse, 29% of them have under $1,000 saved for their golden years.

2.                  Right now, there are 40 million seniors in the U.S. In 2050, that number could be as much as 90 million, having an immense cost impact on social services.

3.                  The Boston College’s Center for Retirement Research said that there is a $6.6 trillion gap between what American workers have saved, and what they need to save for retirement.

4.                  The U.S. Census bureau says that one in six seniors is living below the poverty line.

5.                  A grand total of 10,000 baby boomers are expected to retire each day over the next 20 years.

6.                  Right now, 13% of Americans are senior citizens. That number is expected to be 18% by 2030.

7.                  The percentage of those who filed for bankruptcy in the 65 to 74 years old age group shot up 178% between 1991 and 2007.

8.                  Just 20 years ago, half of all Americans expected to retire by age 65. Now, that number is just 23%.

9.                  So much for retirement – 74% of Americans expected to work, even during their “retirement” years.

10.              A recent AARP survey found that 40% of Americans would work “until they drop,” never retiring.

11.              A CESI Debt Solutions survey found that 56% of Americans retiring still had debt to worry about.

12.              A study by Americans for Secure Retirement found that 88% of seniors fret about “maintaining a comfortable standard of living in retirement.” Just two years ago, that number of people worrying was 73%.

Written by Lisa Swan

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