You can add Larry Fink, CEO of BlackRock, the world's biggest money manager, to the list of those warning about Americans' inadequate savings for retirement.
"One of the biggest problems facing the U.S. is we're ill-prepared to build that nest egg, . . . and there's no safety net if you're ill-prepared, other than Social Security," he told The Wall Street Journal
Again like many others, Fink says the problems could intensify in the next 10 years. "I'm bringing it up more and more. If you don't live your elongated life in dignity, it's a crisis."
For example, the National Retirement Risk Index from Boston College's Center for Retirement Research
shows that 52 percent of households risk falling at least 10 percent short of the retirement income needed to maintain their standard of living.
In addition, the Employee Benefit Research Institute (EBRI) finds that more than 40 percent of retirees are at risk of running out of money for daily needs, out-of-pocket spending on healthcare or long-term care, according to The Fiscal Times
"Saving for retirement isn't easy. It requires sacrifice, and it's not something people can push off and hope to achieve later in life," Joe Ready, director of institutional retirement and trust for Wells Fargo
, said in a statement.
"If people in their 20s, 30s or 40s aren't saving today, they are losing the benefit of time compounding the value of their money. That growth can't be made up later."
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