A Generation of Americans Is Entering Old Age the Least Prepared in Decades –Wall Street Journal
“Low incomes, paltry savings, high debt burdens, failed insurance – the U.S. is upending decades of progress in securing life’s final chapter. Americans are reaching retirement age in worse financial shape than the prior generation, for the first time since Harry Truman was president….They have high average debt, are often paying off children’s educations and are dipping into savings to care for aging parents. Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two. In total, more than 40% of households headed by people aged 55 through 70 lack sufficient resources to maintain their living standard in retirement, a Wall Street Journal analysis concluded….Individuals will find themselves staying on the job past 70 or taking menial jobs as senior citizens. They’ll have to rely more on children for funding, pressuring younger generations, too.”
