Americans are facing a retirement crisis

June 14 – A new report from the Census Bureau Survey of Income and Program Participation, 49% of adults between the ages of 55 and 66 had no personal retirement savings in 2017. 

It doesn’t look like it’s getting any better. 

The number of retirees who are relying on Social Security to be their main source of income has skyrocketed. 

In the 1980s, a lot of companies switched from a pension system to 401Ks and the 401Ks have put greater burdens on workers to have to manage their own financial futures, according to reports. 

Attorney Clint Barkdoll said, “It’s a problem. Social Security was never intended to be your sole source of income in retirement. It was to supplement your 401K or pension or whatever else you had. But what’s been happening since the 80s, and it seems to be accelerating, more and more Americans are relying exclusively on Social Security. Meanwhile, the savings and investing rate keeps dropping, and we know social security itself is in trouble. I mean, we had those stats just a few weeks ago that were within what 10 years or so, of the trust fund not having enough money to pay the recipients. Again, we know that the birth rate keeps hitting an all time low. There was a story a few weeks ago that the population may start declining in the foreseeable future, and that also hurts the whole Social Security system. I don’t know what the solution is. The government has created so many incentives to save from a tax standpoint if you’re working, but yet people just don’t seem to be buying into it.”