Tags: retirement | retirement savings | financial retirement crisis

Report: US Facing Devastating Financial Retirement Crisis

401(k) sign
(Jacquelyn Martin/AP)

By    |   Friday, 05 October 2018 01:23 PM

A new report claims there is a widening gap between people who are financially prepared for retirement and people who are not.

The Wall Street Journal cited figures that show a rising number of retirees do not have enough money saved up to keep their standard of living when their careers are over.

Fifty-four percent of households that earn between $48,000 and $95,000 annually are ill-prepared, according to data referenced by the Journal. Some of the culprits include rising costs for healthcare, loans for education expenses, and making investing mistakes.

The gap is disrupting social circles too. As the Journal noted, residents in retirement communities often feud about where their homeowner's association dues should be spent — some are in favor of building more amenities, while others would like to see the money used more frugally to only repair things that need fixing.

In those same communities, some residents live off millions of dollars in retirement and investment accounts, while others have been forced to get part-time jobs to help make ends meet.

It's been reported that Americans are choosing to retire later than normal so they can continue to sock away money as they plan for the later stages of their lives.

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A new report claims there is a widening gap between people who are financially prepared for retirement and people who are not.
retirement, retirement savings, financial retirement crisis
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2018-23-05
Friday, 05 October 2018 01:23 PM
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