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US workers are coming to the same conclusion as many of their Australian counterparts: they will not have enough money to retire and that their politicians do not understand the situation they are facing.
The findings are revealed in a survey commissioned by Americans for Secure Retirement (ASR) and conducted earlier this year.
According to the survey, 73 per cent of respondents expressed concern about being able to maintain a comfortable standard of living throughout retirement, with 49 per cent saying they were ‘very concerned’.
Importantly, the survey was conducted by two organisations associated with opposing major political parties – the Democrats and the Republicans.
Equally important, spokesmen for those two organisations warned that retirement incomes adequacy would represent a major issue for the parties at the US mid-term elections.
Commenting on the findings of the survey, the executive director of ASR, Shannon Hunt, said that personal savings rates had never been particularly high in the US and had plunged during the global financial crisis, as had nest eggs tied up in the housing market.
