Retirement Woes (Part 1)

Bob Weinstein is a journalist who covers technology, project management, the workplace and career development.

  Career Development   Talent Management  

Baby boomers are in trouble. A significant number of the 47 million boomers that turned 65 in 2011 find themselves in an untenable situation. A small number have socked enough savings away to retire comfortably; the rest have no choice but to keep on working as long as they can.

The boomers are not the only ones in trouble. The rest of the U.S. population could find themselves in a similar situation if they don’t start saving for retirement immediately. It’s no surprise that 74 percent of middle class Americans expect to work in their retirement years, according to a Wells Fargo & Company retirement survey. And 25 percent of middle class Americans report that they’ll have to work until at least 80 in order to have enough money saved for retirement.

A 2011 national poll conducted by financial publisher Bankrate, Inc. concluded that 29 percent of employed Americans squirreled away less for retirement than they did in 2010. And 19 percent tapped their retirement savings in 2011 in order to pay for emergencies.

What is the problem?
Why do Americans have such a hard time getting their financial acts together? Why is it so difficult for them to secure their futures by building a nest egg during their prime working years? We asked a few experts to weigh in on this critical issue and answer these tough questions.

It’s no surprise that …

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