Well boomers have had a rough go of it when it comes to saving for retirement. The diminishing likelihood of support from Social Security and the end of the pension era have closed many doors to those looking to prepare financially for retiring. Throw in the trouble in the housing market and its little wonder that by 2009 the net worth of boomers will have dropped between 20 and 40 percent.
Despite all the doom and gloom in regard to the economy and retirement savings, there are still simple, common-sense approaches to encourage growth of personal savings. The automatic IRA proposal first thought up by David John and Mark Iwry is a simple but effective plan to help many of the over 75 million workers who have no work place retirement programs. That’s why AARP and several other organizations are backing the proposal. We need to adopt ideas like these to prevent a future with millions of older Americans living in poverty.
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