” “The Greatest Retirement Crisis in the History of the World”
That’s what Forbes calls it. Most retirement-age Americans have little or no savings.
$30 trillion in new wealth has been gained in the U.S. since 2009, six times more than the amount spent on Social Security during that time, and most of itwent to older Americans, as it has for the last 30 years. But most of it went to a relatively few people who were already rich. According to the Economic Policy Institute (Figure 20), “the median retirement savings…for all households is close to zero since nearly half of households have no savings in these accounts.” Even the upper-middle class (2nd highest quartile) is in trouble, with a median retirement fund, by one estimate, of only $6,000. The National Institute on Retirement Security puts the median retirement account at $12,000for near-retirement households.” -Salon