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Why Saving For Retirement Feels Impossible

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Retirement is the final chapter of the American Dream. Every year, Americans spend over 2,000 hours working and saving to prepare for the ‘golden years’ of their lives. But that dream is quickly turning into a fairy tale.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

So Is America really facing a retirement crisis and if so, can it be stopped? Watch the video to find out.

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Why Saving For Retirement Feels Impossible
Category
Tech
Tags
CNBC, CNBC original, finance
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