August 28, 2014 – At a time when dependency on government programs is swelling, new data shows that millions of Americans have no retirement savings whatsoever.
From the report:
“If the state had managed the currency responsibly, the coming crisis of those who have under-saved and under-invested would be minimized. Imagine for example someone turning 65 this year who entered the workforce after college in 1971 at the age of 22.
“The average Social Security recipient’s monthly check today is $1,294. That doesn’t go very far. But if the dollar had retained its purchasing power all that time, that $1,294 check would have the same purchasing power as $7,612 today.
“Unfortunately, in 1971 the U.S. dollar’s last links to gold were severed.”
Are you saving for retirement? Share your thoughts in the comments below.