The American nest egg is facing financial extinction. Data from Economic Policy Institute (EPI) reveals retirement wealth is turning into retirement poverty for a growing portion of working households. The labor-focused think tank finds that “retirement wealth has not grown fast enough to keep pace with an aging population and other changes.” Across age groups, most families, “have little to no retirement savings,” The retirement crunch disrupts the entire life cycle. Middle-aged, formerly middle-class households, crushed by debt or unstable employment, may not even foresee a time when they’re secure enough to stop working. .. a typical thirty-something has a grand total of about $480 put away for their later years. (And with bank accounts hemorrhaging about ten grand a year throughout the recession, expect to see more grandpas stocking shelves at the mall.)
At www.thenation.com
