The U.S. presidential election is one week away, and one of the biggest issues for voters is retirement, and whether the federal government is able to continue providing social security payments to American retirees for generations to come.
With Mitt Romney and Barack Obama tied in national polls, it is evident that many Americans are pessimistic that their government is able to provide for their retirement goals.
But a survey from Asia has found that Chinese Baby Boomers have a very different take on their retirement. As reported recently by the Dallas Morning News, 82 per cent of Chinese survey respondents said they expect their government will take responsibility for their retirement.
There are a few major reasons why Americans hold less hope that their government will help provide for retirement as compared to their Chinese counterparts, the newspaper reported.
One reason is that in China, after decades of the one-child policy, families are smaller on average, and that means fewer people have to be taken care of. Another reason is that while the United States is a developed economy, China’s economy is still growing at a rapid pace, and has more room to grow. In other words, Americans expect more of their government.
But no matter where in the world a senior is, the best way to save for retirement is learning how to save for retirement.