I blogged previously about the necessity of increasing labor market participation rates rather on making changes to pension systems in the EU because of the aging workforce.
There are some startling statistics about same problem in the U.S. in the form of an infographic from GOOD.
One out of four middle class Americans say they will need to work until at least age 80 to live comfortably in retirement.
74% of Americans expect to work in their retirement years
The average American worker has saved $25 000 for retirement, that's 7% of the recommended savings of $350 000 for the average American making $50 000 who wishes to retire at age 65.
The percentage of different age groups that say they don't have any retirement savings
- Millenials 53%
- Generation X 32%
- Baby boomers 25%
- Matures 22%
Thanks to Itamar Medeiros for pointing me to this.
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