The crying game

Posted: 24 October 2012 in Uncategorized
Tags: , , ,

source

According to the the annual Wells Fargo Retirement Survey, retirement has become a guessing game.

Actually, it’s more like a crying game—since over half of pre-retired Americans (53 percent) say they are not confident they will have saved enough for the life they want in retirement.

And they’re right: according to Sadaf Knight, in 2009, 40 percent of retirees had saved less than $10,000 for retirement (the first bar in the chart above), and over half of them had saved less than $25,000 (the first and second bars combined).

That’s not at all surprising, since, according to a recent survey by CreditDonkey.com, 41 percent of respondents reported having less than $500 in savings.

For many Americans, imagining retirement with a decent income is not a guessing game. It’s a crying game.

And it will soon become the hunger games if plans are enacted to cut Social Security.

Comments
  1. Mich says:

    Did you see the comments in the piece from the Wells Fargo folks? Now there’s empathy for you.
    The same folks who caused the financial meltdown and impoverishment of millions of Americans take no responsibility and flippantly telling them look eat some more cat food so you can purchase another 401k from us!

    I love this country.

  2. [...] other day in class, I explained to students that the average American retires with less than $25,000 in assets and that most people have less than $500 in the bank. And [...]

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