Less than a week ago I was talking about the problem with Social Security and the fact that a majority of Americans aren't going to be able to pay their way through retirement. Now, USA Today says the same thing:
The prognosis is grim, especially for middle-class families. "The average American household has virtually no chance to reach an adequate retirement savings in the next 50 years," says Christian Weller, a retirement specialist at the Economic Policy Institute. Retirement dreams are taking a beating:
- 37% of those saving for retirement say they are doing only a fair job of managing their retirement portfolios, and 7% say they are doing a poor job.
- 44% of those saving for retirement say they expect to live less comfortably in retirement, according to the poll.
- 29% of retirees say their standard of living has gone down in retirement.
Single women are among the most vulnerable. Linda Peterson, 57, works as a freelance writer in Arlington, Va., after being downsized out of a job. Widowed more than a decade ago, she has a small pension from her husband's job and another from a job she previously held. Together, they will provide about $800 a month in retirement.
So what are we going to do? If things don't change, here's what will happen: The U.S. will become increasingly bankrupt by spending everything on destroying all the "evildoers" on the planet. Then, when it can't pay its debts, it will continue to destroy its creditors (saying they, too, are evil), and it will either be successful in bringing the whole planet under its military rule, or its citizens (you and me) will become slaves or prisoners to the countries of the world who finally stand up and say enough is enough. Do you think my vision is too bleak? 9:46:25 AM
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