Coronavirus Shock Is Destroying Americans’ Retirement Dreams

Bloomberg (03/26/2020)
  • The coronavirus-driven stock market collapse has exacerbated the pre-existing retirement savings crisis.
  • After a 40-year shift from traditional pensions to individual 401k accounts, almost half of all US households 55 and over currently have $0 saved for retirement.
  • Younger boomers (late 50s) were saving for retirement at a healthy rate until the 2008 financial crisis destroyed their wealth and career opportunities (forced into lower-paying jobs).
  • More retirees will need to rely on Social Security, which will be forced to reduce payments by 2035.