Most retirees will spend more years in retirement without financial security than in an active career due to extended lifespan. Today, America's elderly are living longer, the cost of health care is rising dramatically, and the need for more retirement income is critical. Those two factors are going to make it incredibly expensive for retiring Baby Boomers. The sad truth is that the vast majority of Baby Boomers have not adequately saved for retirement. In fact, statistics show retirees only have 35% of the necessary income at retirement.
Meanwhile, company pension plans across America are woefully underfunded. Many states and local government pension programs are underfunded. The federal government is paying out more in Social Security benefits than it is taking in, and the years ahead look apocalyptic for the Social Security program. 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.
The Great Recession has created severe pressure for school systems across the United States. Furloughs, pink slips, loss of leave, benefits, services, and reductions in retirement are plaguing our nation’s school employees.
According to a CNN.com poll, 43% of people have less than $10,000 for retirement. ValuTeachers’ goal is to change that for America’s school employees.