WEB Notes: It is a real sad state of affairs. There are many reasons for it; cost of living, broken families, poor planning and list goes on and on. In today’s world it takes two working in the house just to get by without eating noodles much less save for retirement. More and more people have to work until the day they die. Even when we own our homes we still have a tax to pay. This is not what our Father intended for His People.
You might think you’re saving enough for retirement, but chances are, you aren’t.
“We have a lot of individuals who have nothing saved for retirement, about 40 percent of the workforce,” said Diane Oakley, executive director of the National Institute on Retirement Security. When her organization used census data to assess whether households were saving enough to retire with eight times their projected income, a very conservative estimate of retirement preparedness, “we found that 60 percent of households weren’t on track.”
David John, senior policy adviser at the AARP public policy institute, said Americans in their 50s and below are where the looming crisis lies.
“We think it’s gonna start in about 10 years from now and steadily get worse from that point forward,” John said.