7 Numbers that Show How Most Americans Were Robbed of a Comfortable Retirement

(Before It's News)

Paul Buchheit

The dream of a comfortable retirement is dying for many Americans. It’s being extracted as a form of tribute to the very rich, a redistribution of our nation’s wealth, a “tax” imposed on the middle and lower classes and paid for with their retirement savings.

1. A $6.8 Trillion Retirement Deficit in America. But $8 Trillion in New U.S. Wealth Was Created in 2013.

The problem is that most of the new financial wealth went to the richest 10% (almost  90 percent of all stocks excluding fast-disappearing pensions). Basically you already had to be rich to share in the new wealth, and the people taking the wealth can defer taxes as long as they want, and then pay a smaller rate than income earners. Meanwhile, according to the  National Institute on Retirement Security, Americans are at least $6.8 trillion short of what they need for a comfortable retirement.

2. $6,500 is the Median Retirement Fund for Upper-Middle-Class 50- to 64-Year-Olds

That’s based on an analysis of the second-highest quartile of Americans by the  Schwartz Center for Economic Policy Analysis. It may get worse before it gets any better. The percentage of 75- to 84-year-old seniors falling into povertydoubled from 2005 to 2009. That was BEFORE the recession. And the number of elderly Americans, notes the Administration on Aging, is steadily rising, likely by 75 percent between 2010 and 2030, to almost 70 million people.

3. ZERO Wealth Gained among 93% of Us, While the Richest 12,000 Families Made $100,000 EVERY Day

It’s estimated that the richest .01% each made at least $40 million last year. A work day for many of them consists of logging in to their portfolio to see how many tens of thousands of dollars were added in the previous 24 hours. A stunning  93 percent of Americans LOST wealth, on average, in the post-recession “recovery.”

4. TWICE the Cost of Pensions — That’s What Ten States Pay in Corporate Subsidies

This comes from a study by  Good Jobs First of ten states with severe pension issues. The study found that “in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs.”

Americans who have worked all their lives, dutifully paying for their retirement years, continue to be accused of greed and threatened with pension cutbacks.  David Cay Johnston calls it “nothing short of theft.”

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