Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey that confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement. The truth is that Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years. For Social…

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