Looming Retirement Crisis Has Many Implications For U.S. Economy

A recent Gallup poll found that 66 percent of Americans believe not having enough money for retirement is their top financial concern. That financial anxiety ranking is 53 percent higher than it was a decade ago and underscores the probability that baby boomers – the first wave of which turned 65 this year – are the first generation since the 1930s who will be worse off economically in old age than their parents. The findings suggest that the United States stands on the brink of a looming retirement crisis with many implications: for U.S. consumer spending, for younger workers as baby boomers stay in the workforce, and for “further strains on the federal government's already ugly budget picture” as the elderly seek financial aid.