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Few understand retirement healthcare costs. Medicare is eroding as treatment expenses soar.
Protracted economic crisis conditions, high unemployment, growing poverty, and other concerns create enormous uncertainties. Most workers approaching retirement haven't prepared. Covering expenses is harder than ever.
Economics Professor/retirement expert Teresa Ghilarducci says maintaining living standards in retirement requires 20 times annual income in savings.
Few Americans are prepared. Three-fourths nearing age 65 have less than $30,000 saved. "For the first time in US history," she says, "every source of retirement income is under siege."
Professor James Russell discussed it, saying:
" The great 30-year experiment in 401(k) and similar retirement financing schemes that depend on stock market investments has failed."Even before the" 2008 crash, clear signs showed "that very few workers would be able to accumulate enough wealth through these accounts to insure retirement financial security."
Since the 19th century, every generation was better off than previous ones. No longer. Institutionalized inequality victimizes most Americans. It's been that way since the mid-1970s.
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