The American retirement dream is turning into a horrifying nightmare. Millions of Americans will simply not be able to retire let alone live the retirement of their dreams. While previous generations were able to rely on a combination of social security, personal savings, and employer-sponsored plans to secure their future, all of these systems are breaking down at a staggering pace and no longer are a reliable form to build a solid financial foundation for retirement. Economists warn that many middle-class Americans will soon be disappointed to find out that they will have to work for much longer than they’ve planned. Research shows that the vast majority of U.S. workers reaching retirement age have only saved enough to provide an annual income of $3,600 when they will need about 20 times that amount to be able to afford basic expenses and skyrocketing healthcare costs. In today’s video, we expose the dire straits of the retirement market right now, and why this growing crisis is going to leave America in shambles. With the cost of living putting U.S. workers on the edge, the dream of retirement is looking more like a fairytale... unless you are filthy rich. Of course, we all have dreamed at one point or another about what our retirement might look like. Many people idealize stopping working by their mid-sixties so they can spend their time engaging in other activities such as traveling, being with loved ones, and pursuing their hobbies and interests. Although every dream may be different, everything comes down to having a good financial cushion to fall back on. However, for the overwhelming majority of middle-class Americans, this is no longer within their reach, In today’s economy, the ability to achieve financial security in retirement is worryingly tenuous for about 67% of Americans at or near retirement age. Given the scarcity of pensions and Social Security’s imminent demise, we are headed toward a reality in which personal savings will be the most significant source of income for retirees. This means that most part of the U.S. population are not, and may never be prepared. Estimates by NIRS show that a 65-year-old worker, planning for a possible 30-year retirement, will need savings of around $1.8 million to generate an annual income of $75,000 a year. In contrast, the agency also highlights that the median retirement savings of Americans between the ages of 55 and 64 is currently zero. All of this indicates that more than two-thirds of income earners about to hit retirement ages will lack the resources to maintain their lifestyle in retirement and are potentially at risk of running out of money during their senior years. These risks are compounded due to longer life expectancy afforded by medical advances and lifestyle changes. We not only need our retirement system to be fixed, but our economic and monetary system as well. We are working more and receiving less, which then makes us consume less, leading to a more vulnerable economy. Monetary policies have plunged the value of our dollars, and now our money purchases less too. Jobs pay less than they once paid our parents and grandparents, so we achieve less than they did and cope with higher expenses for all bare necessities. No matter how hard we try, we continue to lose. And the good old days are just a very distant memory at this point. It feels like we’re stuck in this nightmare where we can never see the end of our suffering. But now more than ever, it is time to wake up.
