Not so golden: Wealth gap lasting into retirement

Not-quite-golden years: As traditional pensions fade, wealth gap widening into retirement

Associated Press
Not so golden: Wealth gap lasting into retirement
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This July 8, 2014 photo shows William Kistler at work in his office in Denver. Sixty-three-year-old William Kistler views retirement like someone tied to the tracks watching a train coming: It’s looming, it’s threatening and there’s little he can do.“There is not enough to retire with,” said Kistler, a Golden, Colorado, resident who said he is unable to build up a nest egg for his wife with his modest salary helping seniors navigate benefits. “It’s completely frightening to tell you the truth. And I, like a lot of people, try not to think about it too much, which is actually a problem.”(AP Photo/Ed Andrieski)

A growing gulf in the retirement savings of the wealthy and people with lower incomes threatens to exacerbate an already widening wealth gap.

Traditional pensions are becoming rarer in the private sector, and lower-paid workers are less likely to have access to an employer-provided retirement plan.

This is happening as more than 70 million baby boomers head into retirement, many of them with skimpy reserves.

A widening gap in retirement is likely to put pressure on government services and lead even more Americans to work well into what is supposed to be their golden years.

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