Here comes the retirement crisis, coronavirus-style

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Will COVID-19 deepen the retirement crisis? Yes and no — here’s how

 The coronavirus crisis may worsen an already impending retirement crisis.

Remember when Americans struggled to save for retirement because they were juggling high housing costs, student loan payments, credit card debt and scanty access to workplace savings? Add in a global pandemic, record unemployment and an economic lockdown. How’s that for a retirement crisis?

The coronavirus poses a threat to many Americans’ health and current financial well-being, but it also has the potential to derail an individual’s future retirement security.

Many Americans were already underprepared for retirement, not having saved enough for their futures by the time they were ready to leave the workforce. The global pandemic may make it even harder to afford to retire. In the past four weeks alone, 22 million U.S. workers have filed for unemployment benefits, and people without jobs are not able to contribute to their workplace investment accounts, nor do they have any extra money to put away. People may also have to take distributions or loans from their retirement plans, which lowers their potential returns in the long-run.

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There’s a retirement crisis in America where most will be unable to afford a ‘solid life’

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The three “legs” of the retirement “stool” (private savings, pensions, and Social Security) are all in dire shape.

At Vanguard, the median 401(k) account value for an investor age 65 and older is a measly $58,035.

After looking at the data, the Saint Louis Fed concluded: “It could be worrisome that, for many American households, the total balances of their retirement accounts may not be sufficient to ensure a solid life in retirement.”

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50 million Americans living in poverty in the U.S.

Food stamps keep about five million people out of poverty.

There are some big problems with the way poverty is measured in this country. A Census report came out this week based on the “supplemental poverty measure” — a newer, unofficial method that figures in the value of many government benefits, the cost of living in different cities, and health-care costs.

 

 

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The startling rise in disability in the US: 14 million Americans can’t work

Every month, 14 million Americans get a disability check.

The number of Americans who are on disability has skyrocketed in the past thirty years. Medical advances have allowed many more people to remain on the job, and new laws have banned workplace discrimination against the disabled, but disability is still on the rise. Fourteen million people now get a disability check from the government every month.

 

 

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American cities built for the young strained by aging boomers

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Atlanta Regional Commission project constructed the new ramp to accomodate the aging population in Atlanta.

People are getting old, fast, and they’re doing it in cities designed for the young.  Cities in American are grappling with that fact as work on getting the communities ready for an older population has gotten a late start considering demographers have warned for a long time that the population is about to get older.

 

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2010 census trends: Uneven aging and ‘younging’ in the U.S.

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 The divide between states gaining and losing their younger populations.

When the Beatles song “When I’m Sixty-Four” was released in 1967, many baby boomers adhered to the mantra, “Don’t trust anyone over 30.” Now the boomers are fully ensconced in advanced middle age, and the oldest of them are beginning to cross into full-fl edged senior-hood, as the first boomer turned age 65 last January. Some 80 million strong and more than one quarter of the U.S. population, baby boomers (born between 1946 and 1965) are a still a force to be reckoned with, even as they have all crossed the age-45 marker. Along with their elders, the large and growing older American population presents significant future challenges for federal government programs such as Social Security and Medicare. State and local social services and infrastructure needs will also change in communities across the nation as the population ages.

 

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First Baby Boomers Turn 65 in 2011, But Are They Ready for Retirement?

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The first baby boomers will turn 65 in 2011, but is this generation truly ready to leave the workforce?

“Baby boomer” is the name given to the generation born in a “baby boom” following World War II, between 1946 and 1964. There are about 78 million in all, which is 26 percent of the population. Those turning 65 this year will be eligible for Medicare, and full retirement in 2012.

 

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45% of Older Workers in the U.S. Hold Physically Demanding Jobs Making Later Retirement a Difficult Road

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One in three workers over age 58 does a physically demanding job.

At the Cooper Tire plant in Findlay, Ohio, Jack Hartley, who is 58, works a 12-hour shift assembling tires: pulling piles of rubber and lining over a drum, cutting the material with a hot knife, lifting the half-finished tire, which weighs 10 to 20 pounds, and throwing it onto a rack.

 

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Anti-Identity-Theft Huckster Has Had Identity Stolen At Least 13 Times

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Too Good To Be True – LifeLock Simply Doesn’t Live Up To The Hype

Todd Davis’s identity has been stolen at least 13 times. Davis is CEO of LifeLock, a company that sells anti-identity-theft services, and their ads feature Davis’s Social Security Number (because their service works so well he can afford to publicize his SSN without being compromised. Collection agencies across the country are trying to get him to cough up for debts that other people have racked up with the SSN they cleaned from the ad.

LifeLock has already been fined $12,000,000 by the FTC for deceptive advertising!

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