Retirement Crisis: ‘God Help the Poor Gen Xers’
Gen Xers need to stop indulging in the luxury of the midlife crisis and start fighting against a crisis that has already unfolded and threatens to worsen in their retirement years. They can begin by learning more about a month-long speak-out, Wake up, Washington! that’s designed to call attention to the magnitude of America’s retirement crisis before the elections in November.
The effort is sponsored by RetirementUSA. A toolkit is available for anyone who wants to get involved. The kit involves a story bank, which is a collection of personal stories about the fears and concerns individuals around the county have about retirement. They hope these stories will persuade policymakers and wake up Washington. Everyone is encouraged to submit a story, which may include a YouTube video.
According to a study conducted by the Boston College’s Center for Retirement Research, the U.S. retirement deficit has reached $6.6 million. One policy expert says that number is conservative and the in reality could be far worse if Social Security continues to be compromised. Read more here.
Excerpt from the Huffington Post:
“The key sources of income retirees are relying on are either under attack, in the case of Social Security, or disappearing, in the case of traditional pensions,” said Ross Eisenbrey, vice president of the Economic Policy Institute, at a press conference on Wednesday. “The early Boomers are better off than the late Boomers, and God help the poor Gen Xers. Seventy percent of them are on a track that leads to a fallen standard of living in retirement.”
Last week, a launch party was held in for the book, Young Guns: A New Generation of Conservative Leaders. The following video (theatrical advertising) was prepared for the event. It shows three Conservative Generation X Congressmen gunning for Social Security and Medicare. As I understand, these three want to privatize Social Security and replace Medicare with a voucher system, which many believe with shortchange seniors on medical care.
How you preparing for the retirement crisis? Will you have enough to live on in retirement?