return2ozma@lemmy.world to News@lemmy.world · 7 days agoSome baby boomers are burning through their retirement savings to pay for cancer treatments. Then they have to go back to work.www.businessinsider.comexternal-linkmessage-square69fedilinkarrow-up1432cross-posted to: aboringdystopia@lemmy.worldusa@lemmy.mlantiwork@lemmit.online
arrow-up1432external-linkSome baby boomers are burning through their retirement savings to pay for cancer treatments. Then they have to go back to work.www.businessinsider.comreturn2ozma@lemmy.world to News@lemmy.world · 7 days agomessage-square69fedilinkcross-posted to: aboringdystopia@lemmy.worldusa@lemmy.mlantiwork@lemmit.online
minus-squareRememberTheApollo_@lemmy.worldlinkfedilinkarrow-up2·5 days agoIt’s almost impossible to retire. Say 1.5 million in retirement savings earning 5% making $75,000 year. According to AARP the average cost of cancer treatment is $150k, so some is less, some is more. Hope you get the “less” side, but if not… There goes all your income. Unless you start withdrawing the principal. If you do, and survive, now your income is reduced. $1.5 million, looking at the American financial landscape, is not a number most Americans are going to have when they reach retirement age.
It’s almost impossible to retire.
Say 1.5 million in retirement savings earning 5% making $75,000 year.
According to AARP the average cost of cancer treatment is $150k, so some is less, some is more. Hope you get the “less” side, but if not…
There goes all your income. Unless you start withdrawing the principal. If you do, and survive, now your income is reduced.
$1.5 million, looking at the American financial landscape, is not a number most Americans are going to have when they reach retirement age.