FAST FIVE: The World Is Facing A $400 Trillion Retirement Shortfall By 2050
Though many Americans are probably more worried about an immediate financial emergency than their long-term prospects for retirement, the World Economic Forum, an organization comprising jet-setting billionaires and corporate captains of finance and industry, has published a study to remind ordinary Americans they better get used to the idea that they will be working until they die, unless Elizabeth Warren improbably succeeds in her campaign to be the next president and simply bails out everybody who is drowning in student loan debt, millennials will likely continue to see the 'retirement gap' – the 'shortfall' between how much money one has saved, and how much one will need to make it to the end of their lives – expand.
In further bad, though not surprising, news, the US is forecast to have the biggest retirement savings gap at $137 trillion, followed by China ($119 trillion) and India ($85 trillion).
Unless something is done, older people will either need to delay retirement, or learn to get by on less.
That leaves the average American man with a gap of 8.3 years, while Women, who live longer, face a 10.9-year gap.
Elderly people who are forced to re-enter the workforce often take low wage jobs, like working as a cashier at McDonald's, meaning that many former professionals must adjust to a lower standard of living.