Sunday, November 21, 2010

Newsmax... Retirement woes for our children

Seniors See Retirement Woes for Their Children

By a large majority, American retirees see a bleak future for their children and grandchildren and doubt if the younger generations will be able to afford retirement, a new poll reveals.
The survey of more than 2,020 retirees was conducted by the advocacy group ProtectSeniors.Org in conjunction with Thomas Mackell Jr., former chairman of the Federal Reserve Bank of Richmond.
Most respondents - 83.8 percent - agreed with the statement: “I have been afforded the opportunity to live and participate in the ‘American Dream.’”
But 89 percent said achieving the American Dream will be more difficult for their children, and 76 percent said it will be more difficult for their grandchildren. Just 1.7 percent said achieving the American Dream will be easier for their children.
“This is a real tragedy,” Mackell said in a statement.
“In the past it was a given that children would enjoy better career and lifestyle opportunities than their parents. That chapter in American life appears to be ending.”
The poll also found that 65 percent of retirees think their children will not be able to afford retirement, and 70 percent believe their grandchildren won’t be able to afford retirement.
“This sentiment reflects the reality of what has been happening for decades,” Mackell said. “As defined benefit pensions are rapidly disappearing from the retirement landscape, there is an overreliance on stock-backed 401(k) plans, which have all the economic stability of a slot machine.”
Mackell served in the late 1990s as a White House appointee to the ERISA (Employee Retirement Income Security Act) Advisory Council to the Secretary of Labor.
ProtectSeniors.Org is a Washington, D.C.-based nonprofit organization advocating for the health benefit protection of retirees.

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