Savings & Retirement
America’s $7 Trillion Retirement Crisis Is Only Getting Worse
Economic turmoil took a toll on savings in the first half of 2022 and that’s just the tip of the iceberg as many in the US lack employer-sponsored plans.
Millions of Americans face the reality of spending their senior years in straitened circumstances, struggling to make ends meet.
Photographer: UCG/Universal Images Group Editorial/Getty Images
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Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse.
Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall.