The Coming Retirement Crisis Will Wipe Out Millions Of American Families

The worsening retirement crisis plaguing the U.S. means that over half of the population will never be able to hang their work hats up, relax and enjoy their senior years. And many of those who do retire face the risk of falling into poverty in old age as they run out of funds and Social Security benefits fail to provide an adequate safety net for everyone. On top of that, given that the price of pretty much everything we buy and consume on a daily basis continues to reach one record high after the other, and the fact that 61% of Americans are living paycheck to paycheck, it’s never been harder for U.S. workers to start saving for retirement. In other words, today’s cost of living crisis will be tomorrow’s retirement crisis, and all of us are going to be dramatically affected by it.
For years, we have been warned that our country was marching toward a retirement crisis of epic proportions. But still, nothing has been done to effectively prevent things from getting worse, and conditions have become increasingly more difficult for U.S. workers to have the chance to put a percentage of their incomes aside for the future. The truth is that our retirement system is broken, and at this point, everyone agrees that it is heading for a major disaster.
Data released by the National Institute on Retirement Security reveals that over the past 35 years, 401(k) participants are not contributing regularly, asking for withdrawals, and not repaying their loans. On top of that, “we have a lot of individuals who have nothing saved for retirement, about 40 percent of the workforce,” said Diane Oakley, the executive director of the NIRS, adding that when her organization used census data to assess whether households were saving enough to retire with eight times their projected income, a very conservative estimate of retirement preparedness, “we found that 60 percent of households weren’t on track.”
Adding to this dire picture is the fact that for the first time since 1973, unemployment among workers over the age of 55 has remained higher than that of mid-career professionals for more than six months. Around 30% of workers now plan to postpone retirement and work longer. Others, facing poor working conditions, may instead choose to retire sooner and with less saved. For many, entering retirement early will mean balancing the rising costs of healthcare — estimated at nearly $300,000 for an average 65-year-old couple — with food, housing, and expenses related to long-term care.
Bills never seem to stop piling up, even as we get older. Simply put, many older workers who urgently need to contribute additional savings for retirement may never be able to do so.  The consequences of this worsening crisis are going to be severe for both American families and the national economy, as a large share of households are forced to significantly reduce consumption in retirement and will have to rely heavily on their families, charities, and the government for help to make ends meet.  Instead of having control of their economic lives, millions of Americans will have to muddle through their final years dependent on others for financial support and seeing their standard of living collapsing right before their eyes while the American dream slowly dies.

[SophiaChristian-soof]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[bootsarmstrong]

With the way things are going with Russia and the West, none of us may need to worry about retirement.

[YGMA]

PROMISES THAT GUARANTEE A FULL PAYCHECK WHEN YOU RETIRE, AND THE GOVERNMENT OFFICIAL'S LIKE SENATORS/CONGRESSMAN RECEIVING RIDICULOUS RETIREMENT CHECK FOR ONLY SERVING A MAXIMUM OF 4 YEARS. THAT'S A PROBLEM🤔🤔🤔

[mrm]

We have exactly the same challenges here in South Africa. Like thousands of other civilians I retired about two years ago and my life-long pension savings do not allow me to retire. I am blessed though in that I managed to start a small online retail business which I will aim to grow to support me until I die. However, the majority of retirees here are not as lucky as I am. My thoughts are with them because a retirement without sufficient financial support is agony. Thank you for a great channel. Blessings from Cape Town. ❤🇿🇦

[jeffreyjackson]

"Today's cost of living crisis is going to be tomorrow's retirement crisis"- That's a solid punch straight to the liver!

[lincolnjack]

My regret is that I depended on the government for my retirement, my financial security, for everything and got screwed. I will advice you invest.

[jeffreyjackson]

For get the American Dream, people. That time has past. It was the time period after WW2 and, more or less, before the Civil rights movement. It was brief window and most of us missed it because we either weren't born or, largely, because we were the wrong color.

We are now in the period that can be best defined or summarized as massive debt and decline- economically, socially, morally, politically, nationally, and internationally.

My recommendation is simply this: save, minimize, budget, stay as healthy as you can, and learn to be content.

Desiring more than that only keeps you filled with afflictive emotions, which you pacify with addictions, destroys your health, which requires you to pay for services that you cannot afford, which keeps you indebted, which keeps you filled with afflictive emotions because you are indebted.

[trutube]

I've been poor all my life nothing has changed

[SFelectrolysis]

The truth is is we are all slaves to debt. The banks loan us money and we pay interests, usury. Mortgages, car loans, Credit cards. They have us as slaves constantly owing money. Of course nobody’s going to be able to retire if they keep having tabs with different banks/loans.
It’s hard to save money when you’re constantly having a lot of bills/loans coming in. Living within your means and not charging your credit card will lead you to financial freedom. Teaching our children to save money at an early age is also a key.

[chrisg]

Just imagine working hard and having self discipline your whole life; only to have about 1/3rd of your retirement taken out because we have a potato as the President. This is why voting is important. Remember the people who wanted to keep you locked down, told you you couldnt visit your family for the holidays - all the while, they fine dined maskless and went to parties on YOUR dime. You remember those hypocrites, and vote wisely!

[frankski]

Our Father who art in Heaven, hallowed be thy name, thy kingdom come thy will be done on earth as it is Heaven; GIVE US THIS DAY OUR DAILY BREAD and forgive us our trespasses as we forgive those who trespass against us, lead us not into temptation but deliver us from evil. Amen

[erikcable]

most will stay in an assisted living home, paying 7, 000 per month, the rest of you will sleep in a bunk house, surrounded by sick old folks and foul air. The family will not visit you.

[scoutirving]

I'm in my 50s and I'm more interested in investments that could set me up for retirement, I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $450K in less than a year, what's the strategy behind such returns?

[stevewaters]

hi all i, m a farmer now 66 years old still working 60 hrs a week and enjoying most of what i do i don'tthink many farmers actually retire only slow down till we get in the way of the younger generation taking over with new ideas

[Prophezora]

I say we charge everyone that enters the USA without a Visa. They can stay, but they need to pay double taxes to help all poor Americans they are taking $ from. Pay triple in taxes if they have kids in our school systems.

[kalikale]

The blessings of my husband and I are many as we are retired BUT, we own our home and all our cars are paid for. That's the trick to living on SS. I really feel for seniors who still have a mortgage payment or rent to pay on top of all the other monthly bills!!!

[andyhughes]

"It's called the American Dream because you have to be asleep to believe it!" - George Carlin

[justmenotyou]

Well I had thought that I could retire and live to 75 then die because I would be out of money if all went well. Now I don't know if I live to see retirement.

[glorialovesChrist]

Some are retiring to "3rd world countries." Many service industries are hiring seniors. Some die soon after they stop working.

[eriq]

All those retired people who were living in Florida and got their property destroyed may have to start over again