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The Retirement Crisis



by

Scott Thorpe



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Published by ARCHMEDIA LLC at Smashwords



© Copyright 2011 by Arch Media LLC



Smashwords Edition License Notes

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Forward

This is not a warning of dire consequences unless we take action. The financial mismanagement of the United States has been so bad for so long that wrenching changes are unavoidable. However, this is also an optimistic book. Because just as bad decisions created the retirement crisis, good decisions will solve it.



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The Retirement Crisis

As the United States recovers from the financial crisis caused by the housing bubble, it faces a larger and more serious threat. Millions of American baby boomers will be retiring, and few of them have made any significant financial preparations for the event. They may own their homes, but typically have meager savings and lots of debt. As a result, they will be dependent on Social Security. Others are more fortunate. They have very generous state and local government pensions. However these pension benefits are unfunded or severely underfunded. As a result, the United States is facing a vast increase in payments and care costs for retirees even as its fiscal condition deteriorates.

How Bad is It?

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