by Sally Keys | July 29 2017
Can You Afford to Retire?
Around 49% of older Americans simply cannot afford to retire. They believe the only answer is to delay retirement and carry on working as long as possible. In fact, Americans have never been more worried about their finances, according to a survey by analytics company Gallup. And it’s their retirement fund they worry about the most. The reality is that not everyone in America is able to save enough for retirement. Around 55 million Americans are without any access to savings through their workplace. Furthermore, the Trump administration’s action against state auto-IRA programs recently, makes it an even harder problem to solve.
So how bad is America’s retirement landscape?
The truth is, it’s not a good time to be a pre-retiree in America. Saving for the future has long been something that Americans struggle with. But as life expectancy increases and savings needing to last longer, it’s beginning to catch up with them us. In fact, the average couple has only put away around $5,000 for retirement. Those nearest to retirement have the least amount of money saved than any other age group. Those over 60 had about $50,000 saved up. Meanwhile, people 55 to 59 had three times as much, a survey by Wells Fargo discovered.
Financial worries of pre-retirees