Financial Trouble For Retirees May Effect Subsequent Generations

The president of asset management and corporate services for Fidelity Investments, Ronald P. O’Hanley, explained results from recent research conducted by Fidelity regarding the financial situation facing individuals in retirement. On average, four out of every ten households with retirees do not make enough money to pay monthly expenses. O’Hanley suggests that if Americans do not start actively saving larger amounts of money, future retirees will have significant financial problems. Not only will individuals entering retirement have a financial catastrophe to handle, but also subsequent generations of retirees will not have sufficient funds to pay for their health care and living needs. O’Hanley said, “the impact on our citizens, our economy and our national security could be catastrophic—and not something we could solve for most retirees after the fact.” O’Hanley listed 4 recommendations to put retirement back on a positive track. More here

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