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October 15, 2016

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Scourge of retirement looms

YOUNG Americans with even just US$1 saved for retirement are ahead of the pack.

Forty-eight percent of all Americans aged 18 to 30 have zero in retirement savings and no access to a traditional pension, according to a GenForward poll by the Black Youth Project at the University of Chicago with the Associated Press-NORC Center for Public Affairs Research.

The youngest in that group are more likely to still be in school, but the trend also holds for those in their late 20s. Over four in 10 of those aged 25 to 30 have nothing for retirement.

These same Americans are part of a generation whose future retirements, if they happen at all, will be more dependent on their personal savings. That’s because traditional pensions are becoming more and more rare. Only 7 percent of those surveyed say they’re in line to get the coveted benefit, which promises to pay a set amount monthly after retirement.

Young Americans are also likely to get less in Social Security benefits than their parents or grandparents. The age to receive full Social Security benefits is rising, up to 67 from 66. Most young Americans don’t have much faith in the Social Security system to begin with. Only 5 percent say they’re very confident in it, and 28 percent say they’re somewhat confident.


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