Saving what you don't have

How can people save when they don't make enough to support themselves in the first place?

The Hartford Courant reports that Americans, who are living longer, aren't saving enough for retirement:

"Too many Americans are headed for retirement hell," LIMRA CEO and President Robert A. Kerzner said in an interview with The Courant. "They are not going to have the retirement of their dreams."

Small wonder. The Economic Policy Institute estimates that increasing the minimum wage would immediate help 106,000 workers in the state. Seventy-five percent of those are aged 20 or older.

The resulting "retirement hell" will mean people working into their old age, scaling back on quality of life, and struggling to pay for health care, the Courant reports.

And speaking of a secure retirement, for everyone -- we need options for people who don't have an employer, or whose employers don't offer a savings plan.  This study should prompt action.

 

 

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