Many Americans are taking a giant retirement gamble. And the lessons are clear for younger people. But what do you tell many when they live in a low wage “gig” economy and many are carrying a piece of the $1.4 trillion in student debt outstanding? Not only do they have no money for retirement savings but many are in negative wealth territory with student debt.
Keep in mind we are in debt as a nation to the tune of nearly $20 trillion. The tone is set at the top. That amount will never get paid back. And the growing expenses on Medicare and Social Security are going to be hard to sustain since we have a younger working demographic that isn’t paid so well. And this is the group that is going to support the massive wave of baby boomers retiring?
What seems to be happening is that people are simply gambling on their retirement. They will deal with it when it comes. Not planning at all is planning to fail. If you are in a position to prepare for retirement, do so today. But for other Americans it is too late and in many gambles, there are winners and losers.
DYI
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