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.
Yeah, schools should be teaching more about financial literacy, but it’s impossible to teach kids about good habits for retirement 40+ years down the road when the laws that govern their retirement haven’t been written yet.
Heck, I’m old enough that my first job out of college actually had a pension plan. I never expected to work long enough there to take advantage of it, though. And I was correct – even if I didn’t leave when I did, the place eventually went bankrupt. Any advice they would have given me in high school about retirement savings would be obsolete now.
The only advice that is eternal is to save money, and live below your means. That seems difficult these days, though, especially for young kids just starting out.
My wife has a pension through her employer, it is going to be her last employer until retirement. Hey at least the golden handcuffs are golden.
More and I are in this exact boat. Want to find something - ANYTHING - else but can’t risk losing that pension. Eggs in one basket and all that.
Makes you wonder why more employers aren’t doing it. Puts employees in the awkward position where they can’t quit because the salary is so high.