Will the next tsunami of panhandlers be U.S. retirees who never saved enough?
Wake up and good morning. Come now, time for some early a.m. honesty. Are you on track to retire with enough money to take care of yourself? As a nation, the answer increasingly is No.
The the Employee Benefit Research Institute's annual Retirement Confidence Survey came out this week and found American workers are more pessimistic about their retirement outlook than at any other time in the last two decades. Worker expectations for their later years withered in the face of high unemployment, government budget problems, rising health care costs, lower investment returns and other factors.
But, as Reuters reports here, the study's authors saw a silver lining in the findings because it suggests workers are finally facing up to the harsh realities of retirement, circa 2011. "These are positive findings, said EBRI research director Jack VanDerhei, a co-author of the study. "People's expectations need to come closer to reality so they will save more and delay retirement until it is financially feasible," he said.
Ah, the "better late than never" consolation prize. Help me, my wallet's empty and I can't get up. Read more from Money/CNN here.
Here's a link to the complete EBRI survey. It isn't pretty. What happens to this country when so many aging people have not saved enough? (Photo: Skip O'Rourke, St. Petersburg Times.)
-- Robert Trigaux, Business Columnist, St. Petersburg Times