The Norman Transcript

Nation/World

December 30, 2013

Retirement crisis on the way

(Continued)

NORMAN —

Leslie Lynch, 52, of Glastonbury, Conn., had $30,000 in her 401(k) retirement account when she lost her $65,000-a-year job last year at an insurance company. She’d worked there 28 years. She’s depleted her retirement savings trying to stay afloat.

“I don’t believe that I will ever retire now,” she says.

Many of those facing a financial squeeze in retirement can look to themselves for part of the blame. They spent many years before the Great Recession borrowing and spending instead of saving.

The National Institute on Retirement Security estimates that Americans are at least $6.8 trillion short of what they need to have saved for a comfortable retirement. For those 55 to 64, the shortfall comes to $113,000 per household.

In Asia, workers are facing a different retirement worry, a byproduct of their astonishing economic growth.

Traditionally, Chinese and Koreans could expect their grown children to care for them as they aged. But newly prosperous young people increasingly want to live on their own. They also are more likely to move to distant cities to take jobs, leaving parents behind. Countries like China and South Korea are at an “awkward” stage, Jackson says: The old ways are vanishing, but new systems of caring for the aged aren’t yet in place.

Yoo Tae-we, 47, a South Korean manager at a trading company that imports semiconductor components, doesn’t expect his son to support him as he and his siblings did their parents.

“We have to prepare for our own futures rather than depending on our children,” he says.

China pays generous pensions to civil servants and urban workers. They can retire early with full benefits — at 60 for men and 50 or 55 for women. Their pensions will prove to be a burden as China ages and each retiree is supported by contributions from fewer workers.

Text Only | Photo Reprints
Nation/World
  • FedEx charges raising online pharmacy issues

    SAN FRANCISCO — FedEx Corp., the latest company accused in a federal probe involving illegal online pharmacies, says it will fight the charges that it knowingly shipped drugs to people who lack valid prescriptions....

    July 27, 2014

  • EU, U.S. seek to curb Putin’s Ukraine course

    BRUSSELS — Months after Russia annexed Crimea and stepped up support for separatists in eastern Ukraine, Europe and the United States are still searching for a way to persuade Russian President Vladimir Putin to change course....

    July 27, 2014

  • Fighting intense near crash

    DONETSK, Ukraine — Ukrainian armed forces mounted a major onslaught against pro-Russian separatist fighters Sunday in an attempt to gain control over the area where a Malaysia Airlines plane was downed earlier this month....

    July 27, 2014

  • Gaza war rages despite truce pledges

    GAZA CITY, Gaza Strip — Israel and Hamas launched new attacks Sunday in the raging Gaza war, despite going back and forth over proposals for a temporary halt to nearly three weeks of fighting ahead of a major Muslim holiday....

    July 27, 2014

  • Hamas fires rockets on Israel, ending 12-hour lull

    BEIT HANOUN, Gaza Strip — Hamas said it fired five rockets at Israel late Saturday after rejecting Israel’s offer to extend a 12-hour humanitarian cease-fire by four hours, casting new doubt on international efforts to broker an end to 19 ...

    July 27, 2014

  • Death shows Ebola can spread through air travel

    ABUJA, Nigeria — Nigerian health authorities raced to stop the spread of Ebola on Saturday after a man sick with one of the world’s deadliest diseases brought it by plane to Lagos, Africa’s largest city with 21 million people. The fact ...

    July 27, 2014

  • Police ID kids killed in Philly carjacking crash

    PHILADELPHIA — Two carjackers who fled after ramming a stolen SUV into a family selling fruit for their church, killing three young siblings, were still on the run Saturday as the reward for their capture topped $100,000. The children’s ...

    July 27, 2014

  • U.S.: Russia firing across border

    KIEV, Ukraine — Russia is launching artillery attacks from its soil on Ukrainian troops and preparing to move heavier weaponry across the border, the U.S. and Ukraine charged Friday in what appeared to be an ominous escalation of the ...

    July 26, 2014

  • Small holes cause big jitters

    SEOUL, South Korea — For the developers of the world’s sixth tallest building near Seoul, a mysteriously shrinking lake and the appearance of small sinkholes in residential neighborhoods couldn’t have come at a more inopportune time. ...

    July 26, 2014

  • Secret photo victims must describe trauma for case

    BALTIMORE — Thousands of women whose genitals might have been photographed during gynecological exams can share a $190 million settlement from Johns Hopkins Health System. But they’ll have to describe their trauma before seeing any money. ...

    July 26, 2014