The Phaserl


Demography is Destiny, Hold On To Your Wallet

by Addison Wiggin, Daily

Already, the media drumbeat about “America’s retirement crisis” — laying further groundwork for a mandatory savings plan — is becoming deafening. You can barely swing a cat without running into a headline like, “Retirement Shortfall May Top $14 Trillion.” That was in U.S. News & World Report in June.

“Just 40% of Americans who worked in 2011 participated in an employer’s retirement plan,” says a recent BusinessWeek article, citing figures from the Employee Benefit Research Institute.

“The average working household has virtually no retirement savings,” says a recent report from the National Institute on Retirement Security. “When all households are included — not just households with retirement accounts — the median retirement account balance is $3,000 for all working-age households and $12,000 for near-retirement households.”

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1 comment to Demography is Destiny, Hold On To Your Wallet

  • Ed_B

    More Americans need to understand that retirement doesn’t “just happen”. In fact, you know what happens with retirement planning if you don’t make it happen? Nothing. Retirement is a gift that those who plan ahead give to themselves and their spouse. It takes planning, effort, and dedication. This IS a major life effort but it is also very worthwhile. Those who can retire in their 50s, as my wife and I did, get to actually enjoy their retirement before they get too old to travel or do other things that healthy active people can do but that old sick people cannot. Don’t waste those years by failing to plan for your retirement. If you do, it is likely that you will join the “work ’til you drop” group and that is no fun at all.

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