Making your income last a lifetime - nice report from Fidelity to help us understand the issues at stake.
Link
What is scary about this report is the part where the person is making about 75,000.00 a year in income and then collects ss of about 15,800 a year. Someone is in for a big shock if they think they can easily adjust to that big of a gap w/o a LOT of personal investments on the side!!
America needs to wake up.
My husband talks with those he works with and he says that about 95% of them have no retirement plans in place and withdrew ALL of their 401-K money when their plant shut down and they were laid off, before it was bought out by another company out of bancruptcy! They spent it to live on. In other words they zeroed out and cancelled their future contributions and are NOW doing nothing to replace it even if they could make up for their time out of the market.
I fear we are in for a big systemic economic shocker when this age group begins to hit retirement. The gaps in the haves and have nots is going to erupt into a mighty chasm!
PLEASE start socking it back America!!