Retirement crisis in the making
A new study commissioned by the Chamber of Commerce reveals that most people don't have enough money saved for retirement — and that's going to affect U.S. financial markets. Lisa Napoli explains.
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DOUG KRIZNER: How are you doing on your retirement planning? Do you have enough money saved? Well you’re not alone. A new study commissioned by the U.S. Chamber of Commerce says most people don’t. We have more from Marketplace’s Lisa Napoli.
LISA NAPOLI: By the year 2030, there will be twice as many people turning 65 as there are now.
Most of them expect to be retired by then, but few of them are planning accordingly.
Investment officer Peter Gilbert helped oversee the study:
PETER GILBERT: Almost 30 percent of those in the workforce have less than $10,000 saved for retirement. Over half have less than $100,000 saved for retirement.
Gilbert says the coming crisis in retirement is more than just a personal issue.
He says the strength of U.S. financial markets will diminish as the number of retirees swells and they start to liquidate their securities.
In Los Angeles, I’m Lisa Napoli for Marketplace.