Is the American Dream slipping away?
We all work years and years dreaming that the fruits of our labor will pay dividends in our retired years. But the truth is, according to noted retirement specialist Phil Cannella, that an increasing number of are not realizing that dream. According to AARP public policy Institute, which surveyed 5,000 Americans age 50 and over, 67% of respondents say their retirement savings have shrunk in the past three years, with 25% admitting their savings have been exhausted altogether since the 2008 financial crisis. Without sufficient savings, those at or near retirement will have to prioritize their spending or accept a dramatically different lifestyle than they might have envisioned. What’s more, amid all this, healthcare costs are rising at exponential levels. Indeed, half of the respondents to the AARP survey put off medical or dental care because of financial considerations.
How many of us truly have the ability to make it through retirement? According to the same AARP survey, 53% of respondents are not confident that their money will last them through retirement. In Phil’s opinion and that of the survey findings this means that those at or near retirement may be forced to return to the workforce. Tellingly, about 13% of survey respondents already have returned to work.
The American Dream: A worry-free Retirement
“Not to sound alarmist, but the hope that we can live worry-free retirements is fading and fading fast,” says Cannella, founder and CEO of Retirement Media Inc. “That’s why it’s imperative that all those who are nearing retirement make the necessary provisions to not only make it to retirement, but through retirement.”
FOR MORE INFORMATION FROM PHIL CANNELLA, TUNE IN TO THE CPR SHOW, EVERY SATURDAY 11AM-1PM. LISTEN LIVE