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Retirement Crisis: U.S. Retirement Deficit Reaches $6.6 Trillion

Retirement Crisis

Retirement Crisis

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?

Gen X Blog Jennifer Chronicles

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2 Comments

  1. Anonymous

    Be careful not to be ginned into hysteria by people who will lie to get you to join their terrible agenda.

    The Social Security account currently can pay all benefits through 2037. It certainly needs to be “fixed,” but we’re in no crisis. http://www.nytimes.com/2010/08/16/opinion/16krugman.html

    SS is a moral American plan built by Americans. Don’t let anyone try to take a private piece of it through privatization or cutting benefits. Raising taxes on the wealthy to late 1990 levels — when we ran budget surpluses — would extend SS’s solvency to 2085.

    Reply
  2. Anonymous

    The bigger this problem gets, the less likely Xers will want to pay for it. Why should Xers pay into a system, working into their 70s, which will ultimately collapse under it’s weight and won’t support Xers when they retire? More, why should they do it when Boomers haven’t been all that great to them in the workplace or in public debates over the past two decades? If this keeps up, Xers will dismantle and privatize social security and slash taxes. Let the Boomers fend for themselves in the harsh world they created, as Xers have had to.

    Reply

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