About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds
https://lemmy.world/post/14715105
About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds - Lemmy.World
About one-quarter of U.S. adults age 50 and older who are not yet retired say
they expect to never retire and 70% are concerned about prices rising faster
than their income, an AARP survey finds. About 1 in 4 have no retirement
savings, according to research released Wednesday by the organization that shows
how a graying America is worrying more and more about how to make ends meet even
as economists and policymakers say the U.S. economy has all but achieved a soft
landing after two years of record inflation. Everyday expenses and housing
costs, including rent and mortgage payments, are the biggest reasons why people
are unable to save for retirement.
Doesn’t mean they will, just that 3/4s think they will
So you’re saying a good 50% of Americans have no idea how they could possibly retire, they just think they will anyway.
Anecdotal, but I’ve actually been saving for retirement since I was in my twenties (forty now) and I doubt I’ll actually be able to retire. Most models say I need to put in more than ten percent of my salary and I can’t afford that.
Shit, I’m almost 50 and I’ve been putting 10% or more of my gross pay into a 401(K) since the late 90s. For the last 10 years or so I’ve been occasionally increasing my contributions. I’m up to 16% now. Most of my employers have also done some amount of matching. I have a fair amount saved, but based on current projections, I’m still not sure I’ll have enough to retire at a reasonable age unless I drastically reduce my cost of living (which is already relatively modest). Part of the reason is that the markets have been somewhat volatile over the last 30 years. There have been at least 3 major downturns/recessions, and that means the money I have invested hasn’t grown at the rate that was projected when I started putting it away. There were several years where I saw significant losses in value. I should have a lot more than I actually do at this point. It doesn’t help that my in-laws are totally screwing us over. They retired with no savings at all, sold their home and drove around the country in an RV for 10 years. Now they’re completely out of money and their health is failing so it looks like we’re going to have to spend a significant amount of resources to support them.
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