There's a reason so many financial experts talk of a retirement crisis. It's estimated that one out of every three Americans has absolutely no retirement savings, while 30% of baby boomers 55 and over have yet to begin building a nest egg. Yet current retirees are in surprisingly good spirits despite the fact that many entered this new stage of life behind on savings.
The consequences of not saving enough for retirement can play out in numerous, yet subtle, ways. The results aren’t always disastrous, but they’re almost always sad.
Maybe you have an elderly neighbor who still works a part-time job. Or, perhaps you know someone who moved in with an adult child to afford their bills.
Young Americans are starting their careers later than past generations.
They also have much greater debt burdens than those past generations.
These two strikes against them put them behind earlier generations in the retirement derby.