Timothy Sumer

For millions of Americans, the so-called golden years will actually be years of despair and uncertainty. And it’s very likely that you are one of those that will never be able to stop working and finally retire. But you’re not alone in this. Over 90 percent of working households in the U.S. do not meet retirement savings targets for their age and income. In fact, even the people that did absolutely everything right throughout their working years are still at risk of seeing their savings vanish as financial markets experience the worst downturn since the Great Recession, interest rates soar, and record inflation means the value of their money is steadily dropping. New data shows that the country’s unfolding retirement crisis just took a massive turn for the worse. Crippling stock market losses, cracks in the U.S. pension system, and the growing Social Security deficit are all combining to create increasingly harder conditions for workers to save for retirement and maintain th...

#retirementcrisis #pensioncrisis Millions of state and local government employees' retirement savings are set to disappear due to the impending collapse of U.S. pension plans. Several private equity companies have misled their clients about their genuine capacity to pay retirees in 2023, according to a deluge of fresh papers that show the nation's pension system is gravely underfunded. Around $4.1 trillion in retirement assets are at risk, and the stock market collapse is expected to make things considerably worse. The saddest thing is that all taxpayers will face financial hardship due to even greater taxes in order to make up for such significant asset losses as a result of the catastrophic collapse of US pensions. It turns out that American pension plans, which are sometimes regarded as the gold standard for retirement security, aren't actually all that secure. The retirement plans of millions of American employees are in danger, according to recent allegatio...

U.S. pension funds are about to implode and wipe out the retirement savings of millions of state and local government employees. A flood of new reports reveals that the nation’s pension system is severely underfunded and many private equity firms have lied to their customers about their true ability to pay retirees in 2023. The stock market meltdown is set to make conditions even more precarious, and about $4.1 trillion dollars in retirement funds are on the line. And the worst part is that the catastrophic collapse of U.S. pensions means that all taxpayers are going to be financially squeezed by even higher taxes in order to make up for such massive asset losses. As it turns out, U.S. pension funds – usually known as the gold standard for retirement security – aren’t that safe at all. New reports show that our public pension system is facing serious challenges that are threatening the retirement plans of millions of American workers. Private equity firms typically use pensi...