Unfortunately, only a very small minority of workers are really saving enough for retirement. In fact, many aren't saving at all. Let's look at a couple quick statistics from a study done this summer by the U.S. Government Accountability Office (GAO) to see just how much folks are actually putting away. Here are a few facts.
For the first time ever, Congress may move to cut pension benefits to current retirees. Proposed legislation, which would take the form of an amendment to a $1.1 trillion spending bill, would cut benefits for multiemployer plans, common in the grocery, trucking, and construction industries, and often managed jointly by employers and unions.
Many of those in "retirement" hold down part-time jobs, others constantly worry about outliving their wealth. Managing money well now while you are young and working is critical to being able to retire someday.
The current path that Gen X and late baby boomers are on puts them in a place of earning a mere 50 percent of what they earn now once they're retired. What factors are driving this disturbing phenomenon?