What does it mean that 25 percent of retirees in the U.S. say their savings are all gone?
by CNN’s Jack Cafferty:
If you think talk on Capitol Hill over reducing our deficit and raising the debt ceiling has been ugly – just wait until the focus shifts to making cuts to Medicare or raising the retirement age for Social Security.
Long-term deficit reduction can’t be achieved without reforms to Medicare, Medicaid and Social Security, and the politicians know that. But millions of Americans depend on these programs and, as the Baby Boomer population ages, tens of millions more will, too.
A new survey out from the AARP finds many Americans in retirement or close to retirement age won’t ever recover financially from the so-called Great Recession. Record job losses, declining home prices, skyrocketing health care costs and investment portfolios rocked by stock market volatility have all played a role.
One in four Americans over the age of 50 says they have burned through all of their savings. More than half, or about 53 percent, say they are not confident that they will have enough money to live comfortably in retirement.
And about half of those surveyed who are having problems taking care of their finances say they have delayed getting medical or dental care or even stopped taking medications because they simply can’t afford to.
Of those surveyed who started to collect Social Security retirement benefits, more than two-thirds say they did so earlier than previously planned.