Everyone wants to retire. The problem is that in light of the economic downturn, the average retirement age keeps getting older.
Retiring at age 60 is a pipe dream for many Americans. While you may begin to see visions of retired bliss at this age, the reality is that expectant retirement age has been increasing. According to U.S. News & World Report, for the next 20 years, about 10,000 baby boomers will turn 65 each day. This is a scary number when we look at the government resources available to support this large of a senior population. Especially to those Americans who have been diligently working for 30+ years to enjoy a fulfilling golden years’ existence.
Building a nest egg has been especially difficult since the recession hit. Americans hitting retirement age were hit with market declines and limited years to keep contributing to their accounts. Since Americans are living longer these days, this is an especially daunting problem, often referred to as the approaching”Silver Tsunami” crisis.
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Here are 8 startling retirement facts, according to U.S. News & World Report and the U.S. Department of Health and Human Services:
Did any of these facts surprise you? Do you think something else needs to be done about the matter? Share your thoughts in the comments below.