Youtor
Americas Retirement WakeUp Call Is Your Retirement Plan Doomed to Fail
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=dqTCb3x9TXM
#economy #business #retirement • Why Build Someone Else’s Dream. Start and Grow Your Side Hustle or Dream Business. Get worry-free services and support to launch your business starting at $0 plus state fees. Click the link now to Join ZenBusiness! ZenBusiness make it easy to start, run, and grow your dream business. ZenBusiness offers the tools, guidance, and expertise to help you be your own boss. Click the Link below: • https://shareasale.com/r.cfm?b=122932... • “This is your life. You want to get it right.” • – Mark Cuban on Starting a Business. He is a shareholder of Zenbusiness. It has earned an average rating of 4.6 stars on Trustpilot after more than 11,500 reviews. • https://shareasale.com/r.cfm?b=122932... • • The standard of living in the United States has significantly declined in recent years, with Americans experiencing a notable loss in their purchasing power. This decline, which is the most significant since data tracking began in 2007, has been particularly pronounced over the past three years. Between 1971 and 2023, the U.S. dollar has seen a staggering 98 percent reduction in its purchasing power, with 35 percent of this decline occurring from 2013 to 2023. The onset of the pandemic exacerbated this situation, causing the average American to lose approximately $1,806 in annual disposable income due to the rapid increase in living costs. This increase has affected essentials like housing, car loans, gasoline, and food, leading to the sharpest rise in these costs in nearly five decades. • Despite recent increases in hourly wages, a significant majority of American workers, approximately 73 percent, are now taking home less income when adjusted for today's cost of living. This leaves them with limited funds for discretionary spending and, more importantly, for saving towards retirement. Low and middle-income earners are bearing the brunt of this financial strain, with 58 percent of individuals earning between $25,000 and $75,000 annually reporting that they've had to downsize their lifestyles since 2020, marking the most significant decline in the U.S. standard of living since 1970. • The pandemic-induced economic downturn, coupled with subsequent inflationary pressures, led to a 9.8 percent median income drop when adjusted for current macroeconomic factors. Despite government officials citing declining inflation as a sign of economic growth, key components of the Consumer Price Index, including grocery prices, continue to rise to record levels. This situation is unusual in a growing economy, where disposable income is typically on the rise. • For retirees, this scenario has been nothing short of a nightmare. Data from the National Institute on Retirement Security reveals that 44 percent of older Americans who retired in the past three years have been forced to return to work due to insufficient savings. The Bureau of Labor Statistics has shown a 53.7 percent growth in the number of people aged 75 and older in the labor force from 2012 to 2022, with a projected increase of 96.5 percent between 2023 and 2033. This age group is the only one expected to expand its share of the workforce, growing from 8.9 percent in 2020 to nearly 14 percent in 2030. • The reality is that many seniors did not anticipate the rapid and substantial rise in the cost of living, leading to a shortfall in their retirement savings. This is particularly true for those who did not have jobs with defined benefit pensions or 401(k) matching programs. According to a report by The Joint Economic Committee, only 35 percent of Americans aged 55 to 64 have pension or retirement savings held in a 401(k) or IRA.
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