Jamie Dimon Just Said 8 Words Warning the American Dream Is "Slipping Out of Reach for Too Many People." Here's the Retirement Wave Behind His Warning and What It Means for the Economy JPMorgan Serves.
Jamie Dimon is warning Wall Street that Main Street may not be ready for what comes next.
Overview
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon warned Wall Street about "tectonic" plates that could collide and cause market disruption when the bank released second-quarter earnings. That's a relatively near-term issue for investors to consider, but Dimon has also issued a long-term warning that retirement is "slipping out of reach of too many people." There are two economic hits to consider with this far-reaching warning.
When you ask people how much they will need to retire comfortably, you get a number somewhere around $1.2 million and $1.4 million, on average. The figure varies from year to year, but the lower end of that range is sufficient to highlight the scale of the retirement problem. The average retirement savings for a 56 to 64-year-old is roughly $540,000. The average for a 65 to 74-year-old is roughly $610,000.
Image source: JPMorgan Chase & Co.
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Originally published at www.fool.com.