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.
I have never made enough to save for retirement and I’ve been told right here on Lemmy that I shouldn’t be buying my kid Taco Bell and myself a chai latte a couple of times a month to make our lives a little bit more bearable because I should be saving for retirement and providing for her when I’m old so she doesn’t have to take care of me.
Because, you know, $400 a year or whatever that is would definitely be enough to retire on.
Just yesterday, someone actually said to me here, “do you not have a 401k?” as if that were a rarity like leprosy. But then it’s my fault for not being rich enough I guess.
Yeah people really do like to pretend putting pocket change into savings will somehow add up to a 7 figure nest egg.
For context: $400 per year for 35 years (making some assumptions about your age) with 8% average market return (probably optimistic tbh) and you wind up with a whopping $84k to retire on
So yeah, shits fucked
Even if it netted more than that, denying myslef simple pleasures that make my life better today because might might survive long enough to be able to capitalize on that money not spent for the last 10-20 years of my life is not a way I want to live. No one should be expected to be miserable until they retire.