According to the latest projections, it seems as though many Americans are at risk of running out of savings within a decade of retirement.
According to the latest report from the Employment Benefit Research Institute, a nonpartisan group that monitors how financially ready Americans are for retirement, at least 43 percent of people in all three age groups measured could hit financial problems early in retirement. A significant number of Early Baby Boomers (47.2 percent), Late Boomers (43.7 percent) and Generation Xers (44.5 percent) are considered "at risk" for running out of the basic amount of savings required to provide for themselves and cover medical expenses for the uninsured within 10 years, assuming a retirement age of 65.
The report said 70.4 percent of households in the bottom third of pre-retirement income are "at risk" for this eventuality, and 41.6 percent of the middle third are in the same situation. Only 23.3 percent of the highest-income group are "at risk."
Many Americans may have run into money troubles thanks to a number of factors, like high unemployment rates or mounting credit card debt, that caused them to dip into their retirement savings to make ends meet.