Many Nearing Retirement Age Afraid They’ll Have To Cut Back To Five Meals A Day To Get By

Nearing retirement ageWASHINGTON — For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research. The Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policymakers. There was already mounting concern for the long-term security of the country’s rapidly graying population. Then the downturn destroyed nearly 40 percent of Americans’ personal wealth, while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement. (read more at Bangor Daily News)

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Posted by on Feb 18 2013. Filed under Cranky Old Bastids, featured, Polly Ticks. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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