The American Association of Retired persons found that pension plans' coverage is quite unstable, differing greatly based on ethnicity, age, pay grade, and education.
In addition, the AARP also found that social security benefits are becoming a problem in many countries, as the number of retired persons who receive benefits rise and the number of births fall.
As people who live in troubled economic times, some are not following government advice to save for retirement.
The United States Department of Labor advocates managing a retirement account with the same amount of attention and importance one would give a bank account.
Mr. C did not follow this advice, and his reliance on government and employer-based plans fell through.
He and his wife were both forced to work after retirement.
This cut into the traveling and relaxing plans that he had made.
Now, Mr. C cannot live the lifestyle that he always wanted to live.
If we don't follow the advice that Mr. C refused to take, we will end up just like him -- a retried person still working to pay off our debts.
Transition: Now that you understand the state of our economy, as well as the...
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