Retirement Security Not So Secure Anymore

Wednesday, July 21, 2010

Millions of Americans are not ready for retirement, according to Dallas Salisbury, president of the Alliance for Investor Education and the Employee Benefit Research Institute. The numbers Salisbury provided to AlterNet are startling:

 
One-third of all workers have only Social Security to look forward to, with no savings of their own. About 35% of retirees rely almost entirely on Social Security.
 
As for the other two-thirds of working Americans, 27% have less than $1,000 in savings, 16% between $1,000-$9,999, 11% between $10,000-$24,999, 12% between $25,000-$49,999, and 36% have $50,000 or more.
-Noel Brinkerhoff
 

Comments

charles.hodgkinson 13 years ago
I remember one of the last interviews that President gave to Barbara Walter just before he left office. She ask him ( ia am para phasing of course) what were some of his regrets. He stated that he regretted not privitizing social security. As a retired "blue collar" worker, the mountain of ignorance of that man was absolutely not to be believed unless you witnerss it yourself. Imagine how much money would people recieved if the SS was cashed out, how could it ever generate the monthly check(on average $650.00 o month) for the millions who would have been "privitized. Given the past 4 years, (those foks with private pensions have lost 30% or more) Wall stret would have charged commissions, they would have "churned" for bogus commission, they probably would have attempted to give peoiple special rebate or debit cards so that they would be charged a fee every time they accessed their money. The repacious greed of "Wall Street" has no limits.

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