If new research is right then more of you face poverty in retirement than you realize.
According to new research 40% of the American middle class faces this possibility. Lone Star College economist Hank Lewis tells KTRH this can be traced back to the Great Recession ten years ago.
“A lot of people had money invested, and a lot of those plans have been decimated,” Lewis said.
But there's also something else in play. We are no longer a nation that saves our money. We spend it. Lewis says that's different from how things used to be.
“Kids from the Great Depression always made sure they saved money,” Lewis explained. Unfortunately there’s a generation of people that doesn’t live that way now.”
And there are more alarming numbers from this study. 8.5 million people who are currently working and between 50 and 60 years old will fall below the poverty line if they decide to retire at the age of 62.