A Paris-based financial management firm calculates that the U.S. is 19th worldwide and not so great at providing retirement security.
A whopping 84 percent of Americans say everyone should have a pension. Wouldn’t that be nice?
A recent article in The Ledger, a Lakeland, Fla., newspaper, profiled an 88-year-old man who went back to work three years ago after spending more than 20 years in retirement. George DeMarco took a clerical job earning $7.67 an hour to keep from losing his home and to help make ends meet. He cited the rising cost of living and higher gas prices as reasons why his $1,200 monthly retirement income “just wouldn’t cut it.”
The article cites data from the Bureau of Labor Statistics: “The number of employed people 65 and older rose from 4.3 million in 2002 to 7.2 million this year. The number of working seniors 75 and older is now 1.3 million, up 41.2 percent from a decade ago.”