There is big concern over a recent poll showing 28% of all Americans have less than $1,000 saved for retirement and 57% with less than $25,000. Creighton University Economist Ernie Goss says 100-thousand baby boomers retire every day and too many people are getting into the “economic wagon” and too few are pushing it.
Goss says, “Of course, somebody has to pay the bill for that and unfortunately that will fall to those younger than us.”
Goss says there are three possible outcomes to that equation and all three mean bad news for individuals. Those outcomes are higher taxes, inflation or higher interest rates.