MoneyNews reports on the sad reality for American blue collar workers when it comes to retirement. For many, a comfortable retirement is looking to be nearly impossible.
Tom Edwards grew up in a family that’s been cutting trees and hauling timber in the Pacific Northwest for more than a century. The Spanaway, Wash., resident says he has worked as a logger since he was a kid — it’s just what an able-bodied youngster was expected to do.
Now, at 53, with business in a slump and little money in savings, he’s pessimistic about his chances of retiring.
“It’s never going to happen. By the time I reach retirement age, there won’t be Social Security. There’s not going to be any money,” Edwards said. “I’ll do like my father did: I’ll work ’til I die.”
Across the U.S., such concerns are common among blue-collar baby boomers — the 78 million Americans born between 1946 and 1964. Many have jobs that provide paltry pensions or none at all, as many companies have been moving toward less generous retirement packages in the past decade. (Read More)
It won’t be any better for later generations, it will probably be worse. It won’t be long until the only people who can look forward to comfortable retirements are the 1% and public sector workers whose benefits are paid by those who will have to work until they die.