…America’s crisis are the result of our devoted attention to capitalism and greed

America’s crisis are the result of our devoted attention to capitalism and greed

The Crisis Ahead: The U.S. Is No Country for Older Men and Women    Millions can no longer afford to retire, and may never be able when the GOP passes its tax bill.

By Alex Henderson / AlterNet……December 12, 2017, 2:01 PM GMT

The news is not good for millions of aging Baby Boomers and Gen Xers in the United States who are moving closer to retirement age. According to the Employee Benefit Research Institute’s annual report on retirement preparedness for 2017, only 18 percent of U.S.-based workers feel “very confident” about their ability to retire comfortably; Craig Copeland, senior research associate for EBRI and the report’s co-author, cited “debt, lack of a retirement plan at work, and low savings” as “key factors” in workers’ retirement-related anxiety. The Insured Retirement Institute finds a mere 23 percent of Baby Boomers and 24 percent of Gen Xers are confident that their savings will last in retirement. To make matters worse, more than 40 percent of Boomers and over 30 percent of Gen Xers report having no retirement savings whatsoever.

The U.S. has a retirement crisis on its hands, and with the far right controlling the executive branch and both houses of Congress, as well as dozens of state governments, things promise to grow immeasurably worse.

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