From the "4 ways to ruin your retirement" article today:"Of the $34,000 your average retiree collects every year, Social Security provides just 41% -- $13,940. Sure, studies show that the institution can meet its obligations in full through 2042 (or 2052, according to the Congressional Budget Office)." and"According to the Employee Benefit Research Institute's 2005 Retirement Confidence Survey, fewer than half of all Americans age 55 and older have even $45,000 saved up for retirement. In fact, excluding home equity, the median net worth of retirement-age Americans is closer to $30,000 -- which explains why their savings suffice to fund only 11% of their living costs."Given the prognostications that the baby boomers are going to downsize their housing, and it seems that the housing boom is at least slowing if not going bust, let's exclude home equity based on volatility alone.What is life going to be like for society when a HUGE number of people over 65 are living on $13,940 in social security and less than $45,000 in savings. How much can they make working part time at Walmart or McDonalds? What happens to the "consumer" economy? Healthcare?I'm really curious about your thoughts about the future.
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