20 Terrifying Facts About The Coming Retirement Crisis

dancing old ladies

You’ve probably seen ads on TV imploring you to pay for retirement before it’s too late.

But unfortunately, it is too late.

Well, if you’re like most Americans that is.

By and large, we haven’t saved enough and have no idea where the money will come from. Also we’re freaked out and don’t want to admit it.

Here are 20 facts about retirement that will scare the hell out of you >

A quarter of Americans just decided to postpone retirement for at least a year.

A record 33% of Americans now plan on working past the age of 70.

Now, here's how much ING thinks you need to retire (the lowest estimate is $675,000).

And here's how much Americans think they need.

But here's what American workers actually have: 43% have less than $10,000 in retirement savings.

31% of workers have saved NOTHING for retirement.

Only 56% of workers expect income from a defined benefit plan. That number is falling.

30% of adult children contribute financially to their parents. That number will grow.

Source: NYT

Even as fears mount, only 46% of workers have tried to calculate what they need to save for retirement.

A record 51% doubt they can pay for medical expenses in retirement.

What happens when health care costs keep rising (even with reform)?

Read more.

Long-term care is no longer an affordable option for most retirees.

That's why two thirds of Americans over the age of 85 LIVE ALONE.

Source: Pew

Women tend to be less prepared for retirement than men. Too bad they retire earlier, live longer, and are more and more likely to be divorced.

Source: Pew

Social Security will pay out more than it takes in from taxes in 2010 and 2011, due to the recession.

Source: CBO

As baby boomers retire, Social Security deficits will become a yearly occurrence.

Source: USA Today

Source: Census Bureau

As Americans put off retirement, productivity will go down. Remember you can't fire someone on the basis of age.

Source: VoxEU.org

As seniors keep working, unemployment will rise among younger workers.

Source: Pew

But you can't stop... because the sooner you retire, the sooner you die.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.