A Retirement Crisis?
I saw this very interesting article on CNBC today called, “America’s looming retirement savings crisis“. It certainly is true for the masses that savings have and largely are lagging for most retirees – especially considering how many boomers we should see retiring in the next several years. The old adage still holds true – save more, spend less. What is interesting though is that when we think about what drives our GDP domestically it is consumer spending. So we need everyone – including US and non-US individuals to spend in order to support our growth. That growth in turn is necessary in order to provide returns, appreciation, and yields to investors. That in turn then is used to support retirement income needs and spending. Quite the interesting cycle when you think about it.