Retirement Crisis Looms as Many Come Up Short USA Today (07/19/02) Vol. 18, No. 2 p.126; Dugas, Christine
A new poll indicates that 46 percent of those citizens saving for retirement will have to postpone their retirement date due to the falling stock market, but many experts say that the market losses are only part of a bigger crisis--that over a third of adults have no money saved in any retirement account. Many workers have no access to a work-related plan, do not know enough, do not invest properly, or get a late start in saving, and Economic Policy Institute retirement specialist Christian Weller says that the average U.S. household has little chance of achieving adequate retirement savings during the next 50 years, with single women proving the most vulnerable. Social Security is no longer dependable, the private pension system has become dependent on the stock market, and many people have little or no personal savings, leading to a potential crisis as the population ages.