disneysteve
DIS meet junkie
- Joined
- Sep 29, 2002
It is already happening. I just read the other day that the bankruptcy rate among people 55-64 is up 66% since 1991 and for those 65-74 the rate is up 204%. For every other age group from 18-54, the rate has fallen between 2% and 78%.With company pensions a thing of the past, we are all pretty much on our own to fund our retirements. I am already seeing friends 10 to 15 years older than DH and me struggle to live on their Social Security benefits alone because they didn't save. We are going to have a huge senior citizen crisis in our country very soon.
People have been overspending and undersaving for several decades and the effect of that is now showing up as the baby boomers leave the workforce with an inadequate nest egg and a lifestyle that they can't afford to maintain.