Thousands of Americans are at risk of going broke in retirement, and it’s only going to get worse.
These days, overwhelming student loan debt and the uncertain future of Social Security’s solvency garner most of the attention, but there’s another equally severe financial crisis looming on the horizon for millions of Americans. Thousands of people retire every day, and many don’t have the savings they need to last the rest of their lives.
When that well runs dry, they’ll need to lean on their family members to support them or seek government assistance to cover their basic living expenses. It’s a fate thousands of Americans are already experiencing, and based on data from the latest Northwestern Mutual Planning & Progress survey, tens of thousands more are set to join them in the coming decades.