New Retirement Model of Working into Old Age – Baby Boomers hitting retirement age with little to no savings…(Rise Of The Retirement “Camps”?)
The fiscal issues facing the country are troubling for a variety of reasons but one big reason is the reality that many older Americans simply do not have enough money to retire. The idea of entering your golden years without the need of working is a relatively modern one. In fact, it was the generation that grew up after World War II that enjoyed this middle class ideal. A secure job, a paid off house, and the ability to send your children to a good college. That was the dream. Yet that dream is now largely gone in a puff of smoke. It has been gone for sometime but the ability to access unsupportable debt kept the party illusion going a decade or so longer. Today, Americans are now entering retirement at a time when the stock market has given zero returns over a decade. Government debt is tipping over and we continually spend more than we earn. For millions of older Americans, retirement means continuing to work.
The evaporation of a pension
Back in 1983, not too long ago 62 percent of Americans had what we would call a pension. Today that figure is down to 20 percent: