Is Another Financial Crisis Lurking Around the Corner?
More than five years have passed since the Untied States witnessed its largest bankruptcy in history take place on Wall Street, but many Americans fear that a similar event could occur again and damage their retirement accounts.
Time has not been able to fully heal the chaotic memories of the financial meltdown, which began in September 2008 with the collapse of Lehman Brothers, once the nation’s fourth largest investment bank. According to the latest Wells Fargo/Gallup Investor and Retirement Optimism survey, 41 percent of investors are “extremely” or “very worried” about a repeat of Lehman Brothers in their retirement years.
In comparison, only 28 percent are concerned about a lower standard of living, while 26 percent are worried about running out of money. Overall, almost three-quarters of investors believe the country is on track for a major retirement crisis in the next 20 or 30 years that will have significant setbacks for living standards.