Retirement confidence at record low, March 19, 2013, Worries include jobs debt living expenses rising health care cost Social Security cuts, Record percentage worried
“And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it’s going up at the level of inflation, maybe just slightly above inflation, we’ve made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That’s why we did it.”…Barack Obama
“The Patient Protection and Affordable Care Act (PPACA) imposes numerous tax hikes that transfer more than $500 billion over 10 years—and more in the future—from hardworking American families and businesses to Congress for spending on new entitlements and subsidies. In addition, higher tax rates on working and investing will discourage economic growth both now and in the future, further lowering the standard of living.”…Heritage Foundation
“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012
From CNN Money March 19, 2013.
“Retirement confidence at record low”
“They’re worried about their jobs, high debt levels and rising living expenses, according to a survey released Tuesday by the Employee Benefit Research Institute.
Only 13% of workers surveyed said they “feel very confident” that they will be able to retire comfortably — less than half the percentage reported in 2007.
Nearly half — 49% — said they were “not too” or “not at all” confident.”
“Debt is standing in the way of saving. More than half of workers reported having a problem with their level of debt, while only about half of those surveyed said they could definitely cover $2,000 worth of unexpected expenses within the next month.”
“Spiraling health care costs and long-term care expenses are also a growing concern.
In 2013, 29% of respondents expressed concern with their ability to cover medical costs in retirement, up from 24% last year.”