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As more and more Americans come to rely on our national pension system (i.e. Social Security) what will we do if it is not there when we retire?
A new study obtained by CNBC says Americans are $6.6 trillion short of what they need to retire.
The study, conducted by Boston College's Center for Retirement Research, says savings have been squeezed by declines in stock and housing values.
The $6.6 trillion figure is based on projections of retirement and income for American workers ages 32-64. The study's authors say they arrived at the amount using conservative assumptions, including a 3 percent rate of return on assets and no further cuts in pension coverage or increases in the Social Security retirement age.
This comes amid recent reports indicating that a White House-created panel is considering proposals to cut Social Security benefits and raise the retirement age.
"The 'Retirement Income Deficit' should be a wake-up call to Americans everywhere," Freese said.
A better question may be: Can we retire? Do we need to learn to take care of ourselves? Should we learn to rely on our families as we are no longer able to take care of ourselves?
(ORIGINAL LINK) Retirement on Hold: American Workers $6 Trillion Short - CNBC
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