The nation is rapidly approaching “peak 65” as younger baby boomers turn 65 this year, initiating the biggest wave of retirements in U.S. history. Yet most of those Americans are financially unprepared to stop working, and many risk living in poverty, according to a new analysis. The retirements of the youngest boomers — those born […]
Tag: savings
America is facing a savings apocalypse disaster
A drop in savings among Americans and a record amount of credit-card debt could spell disaster for the country’s economy should a recession hit the U.S. in the coming months or next year, according to experts. Recent data from the U.S. Bureau of Economic Analysis shows the country’s personal savings rate has remained historically low […]
Older workers near retirement with no savings
A growing number of Americans face the prospect of retiring without a penny in savings. Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement in 2019, compared with 1 in 5 in 2007 prior to the Great Recession, according to a recent analysis […]
Millions are nearing retirement with no savings
If you ask Americans how much they’ll need for a comfortable retirement, they’ll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there’s a significant chunk of older people who are nearing their golden years without a penny in retirement savings. […]