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Fiscal trouble ahead for most future retirees - The Washington Post
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The downturn starting in the 2008 financial crisis destroyed a huge portion of the average American's personal wealth- some estmates running to 40%. This was followed by periods of unemployment which depleted savings accounts, lower wage jobs, and followed by further erosion of savings accounts with little or no interest. The gains on the stock market have one problem- the benefits go in large part to affluent Americans who are already well prepared for retirement. A U.S. Senate report shows a huge retirement savings deficit- about $6.6 trillion, which comes to $57,000 for every American household.
The future for Americans facing retirement in 2013 and beyond
05/27/2010
A U.S. Senate report shows a huge $6.6 trillion deficit in retirement savings in 2013, which comes to about $57,000 per American household. Only a small part of the population benefits from the gains on the stock market- most have suffered from the losses suffered following the 2008 financial crisis, depletion in savings from periods of unemployment, lower paying jobs, little or no interest on savings accounts, and additional stress from rising student debt and medical costs.
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