It’s Time To Rethink Retirement Security In The U.S.

Renee Schaaf is President of Retirement and Income Solutions at Principal Financial Group.

In the many years I’ve been in this business, I’ve rarely been so passionate and felt so strongly that now’s the time to rethink how we approach retirement savings and security in America.

Nearly a quarter of U.S. workers have less than $10,000 saved for retirement, sending a clear signal that current retirement systems, created in the 20th century, are not keeping up with 21st-century demands.

A driving factor for modernization is that our demographics are changing. We’re living longer and our population is getting older. We’re growing more racially and ethnically diverse. How we work has evolved. We no longer stay at one employer for 40 years. Job hopping and participation in the gig economy appear to be becoming the norm for both young and old.

little over half (55%) of those eligible participate.

As a country,

Keep reading this article on Forbes Small Business.

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