By 2050, the number of Americans entering retirement age is expected to more than double to 89 million from the current 40 million. The problem is that more than 25% of this population has little to no savings at all. Factor in that life expectancy is continuing to increase with modern medicine, and it creates a scary picture in which a significant portion of the country’s population won’t have the financial wherewithal to live comfortably in their senior years.
In fact, 70 percent of all American workers expect to continue working once they are “retired”, while 40 percent of all Baby Boomers plan to work “until they drop”. If these statistics shock you, don’t worry, because there’s a lot more where that came from. Luckily, the people at KD SmartChair put all these alarmingly distressing facts into a visually charming and easily digestible infographic below. After you’ve taken some time to casually peruse through the cute images and big numbers, it’s probably a good idea to get your retirement plan in gear if you haven’t already. Unless of course you’re not among the 88% of all Americans worried about “maintaining a comfortable standard of living in retirement,” or the American workers who are collectively short $6.6 trillion short of what they need to retire comfortably.
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