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When you look at the median household retirement savings for all ages, it is $57,000 for full-time workers and only $23,000 for part-time workers. Compare this to what financial pundits preach today: The average couple will need between $1 million to $1.5 million to retire comfortably! The disconnect and disparity is obvious.  The financial impact of COVID has forced many families to spend any savings they had, including taking money out of 401(k)s. “Let’s see, do I pay my mortgage, put food on the table, take my child to the doctor or save for retirement.” What would you do?   Consequently, we face a serious crisis for the next two generations of retirees. Both Millennials and GenXers have grown up and become adults in a time of great crisis, complete with real estate busts, fewer jobs, financial implosion and now the pandemic. 

United statesTeresa ghilarducciKevin hassettGainesville sunLindsey groupNational institute on retirement securityTransamerica centerEconomic innovation groupNational instituteUnites statesSocial securityEconomic innovationCo authors teresa ghilarducciNew schoolThrift savings planOlder americans