America does indeed have a retirement crisis. The Ponzi schemes known as Medicare and Social Security are blowing up. From Michael Snyder at endoftheamericandream.com:
We are facing an unprecedented retirement crisis in this nation. Millions upon millions of Baby Boomers are retiring, and most of them are struggling. In fact, it has been estimated that 80 percent of our retirees are either struggling right now or are in serious danger of falling into financial insecurity. We are supposed to be the economic powerhouse of the world. How could we have allowed this to happen?
There are several reasons why our retirement crisis has become so severe.
First of all, people are living significantly longer than they did decades ago, and so retirees need more money these days.
Secondly, most retirees did not save enough for retirement, and many of them entered their retirement years carrying high levels of debt.
Thirdly, healthcare costs are completely and utterly out of control in this country. We desperately need to do something about this.
Fourthly, high inflation has made the cost of living extremely oppressive.
Fifthly, pension plans are less common then they once were, and so more retirees than ever are depending upon Social Security as their primary source of income.
When you step back and consider the big picture, it is clear that we have a major problem on our hands, and there are no easy solutions.
The following are 18 incredible statistics about America’s retirement crisis that will blow your mind…
#1 Back in 1940, the average life expectancy of a 65-year-old was about 14 years. Now, it is over 20 years.
#2 The number of Americans that are 65 and older will rise to about 77 million by 2035.
#3 Americans that are retiring now will need an average of $1.22 million to last thirty years in retirement.
But esteemed CPUSA (D) comrades FDR and Johnson passed Soc-Sec and Medicare as part of the workers utopia plan?
You don’t get to shirk on your Soc-Sec payments as part of Arbeit Macht Fweedom Fwies.
What do you mean it is a pile of worthless bonds?
Doesn’t mommygov and mchealthcarez love me?