Retirement Crisis Looms As Average U.S. Household Has Saved $2,500 For Retirement

The global demographic crisis expected to play out over the coming years has been a frequent topic of ours (you can read our most recent post on the topic here: “DB Warns 35-Year Economic Super Cycle Is Officially Ending“). The problem, of course, is that baby boomers all over the globe are on the verge of transitioning out of their highest wage earning years and into retirement. That transition brings with it all sort of negative consequences ranging from the detrimental impact on average incomes and GDP to exposing the epic ponzi schemes that workers have heretofore referred to by their more common names of pension plans, social security, medicare and medicaid.
A report from the National Institute on Retirement Security (NIRS) recently pointed out just how ill prepared American’s are for retirement. The study by the NIRS found that the average American household has $2,500 saved for their retirement. Even worse, the study found that even people near retirement (aged 55-64) have only set aside $14,500 which should allow them to live very comfortably for about 2-3 months.

This post was published at Zero Hedge on Sep 20, 2016.