Roughly a third of Baby Boomers have saved less than $25,000 while just over a fifth of all American have no savings at all, according to a study by Northwestern Mutual.
So, is it too late? Some experts say no, not even if you are in your fifties. Let’s hope they are right.
Should we simply give up on the idea Americans can be prudent and plan for their own financial future and instead raise payroll taxes so social security becomes the primary retirement income source at 60% of more replacement of pre-retirement income?
Would Americans rather pay higher taxes (or have someone else pay higher taxes) than plan for their own retirement?