16 Statistics About The Coming Retirement Crisis That Will Drop Your Jaw
1- Beginning January 1st, 2011, for the next 19 years, every day more than 10,000 Baby Boomers will reach the age of 65
2- According to one recent survey, 36 percent of Americans say that they don't contribute anything at all to retirement savings
3- Most Baby Boomers do not have a traditional pension plan because they have been going out of style over the past 30 years
4- Over 30% of U.S. investors in their sixties have more than 80 percent of their 401k invested in equities. So what happens if the stock market crashes again?
5- 35% of Americans over the age of 65 rely almost entirely on Social Security payments
6- According to another recent survey, 24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year
7- Approximately 3 out of 4 Americans start claiming Social Security benefits the moment they are eligible at age 62
8- Pension consultant Girard Miller told California's Little Hoover Commission that state and local government bodies California have $325 billion in unfunded pension liabilities
9- According to a recent report from Stanford University, California's three biggest pension funds are $500 billion short of meeting future retiree benefit obligations
10- It has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of complete collapse
11- The 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds
12- According to the Congressional Budget Office, the Social Security system will pay out more in benefits than it receives in payroll taxes in 2010
13- By 2025, it is projected that there will be approximately two U.S. workers for each retiree
14- According to a recent U.S. government report, soaring interest costs on the U.S. national debt plus rapidly escalating spending on entitlement programs will absorb approximately 92 cents of every single dollar of federal revenue by the year 2019
15- After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a "fiscal gap" of $202 trillion
16- According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop"