By Dan Doonan
Source: Forbes
As America ages and income inequality deepens, concerns about retirement security are mounting. A growing body of research indicates that many Americans will not be able to sustain their standard of living once they leave the workforce and taxpayers will be on the hook for $1.3 trillion in increased spending by 2040 to assist Americans without sufficient retirement savings. Moreover, public opinion research finds 79 percent of Americans agree the nation faces a retirement crisis, while 55 percent are concerned that they cannot achieve financial security in retirement.
Some voices, however, indicate that these retirement concerns are exaggerated, relying on data indicating that older Baby Boomers have largely fared well in retirement. But new research published in The Journal of Retirement finds that Late Boomers, Generation X, and Millennials face a far less secure retirement landscape.