Americans are not expecting to retire until much later in life according to a new Gallup poll. Since the recession started the number of people who don’t think they will retire until they are past age 65 has increased significant. From Gallup:
I look at this trends and see a sad expression of the breakdown of the American dream. Traditional pension are disappearing, 401(k)s have been a policy failure, and the promise of ever-rising home prices left many Americans burned over the past decade.
Even though the country is technically much richer than it was two decades ago a comfortable retirement is becoming much rarer. Instead, most regular people are forced to work harder for longer and with less security.
I look at these numbers and see a serious crisis with our retirement system. The “deficit hawks” look at this trend and think the only problem is that the trend is not moving fast enough.