Ric Edelman and Jason Grumet: Note to Millennials — What I Wish I Had Known Then About Saving for the Future
A retirement crisis is on the way, and the generation most likely to be affected by it is the group that’s paying the least attention.
Failure to secure the finances of Social Security would place the greatest burden on individuals who can least afford it.
The system’s redistribution of income from higher earners to lower earners in retirement is responsible for the significant poverty reduction among older Americans.
Homeownership is projected to decline by six percentage points among older Americans over the next 50 years—from 80 percent to 74 percent.
The projected declines in poverty are promising, but African Americans and Hispanics will continue to struggle to a greater extent than whites.
Although many Americans are understandably worried about their retirement prospects, new projections indicate that the outlook may be more hopeful than expected.