Most Americans will never be able to afford to retire.
We laid out the depressing math in our recent report Will Your Retirement Efforts Achieve Escape Velocity?:
The median retirement account balance among all working US adults is $0. This is true even for the cohort closest to retirement age, those 55-64 years old.
The average (i.e., mean) near-retirement individual has less than 8% of one year's income saved in a retirement account
77% of all American households aren't on track to have enough net worth to retire, even under the most conservative estimates.
(Source)
There a number of causal factors that have contributed to this lack of retirement preparedness (decades of stagnant real wages, fast-rising cost of living, the Great Recession, etc), but as we explained in our report The Great Retirement Con, perhaps none has had more impact than the shift from dedicated-contribution pension plans to voluntary private savings:
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from Salisbury News http://bit.ly/2AdHbCl
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