Retirement is a topic that regularly makes headlines, and not all of them are encouraging. Americans are living longer than ever before, resulting in lengthy periods of post-career life.
However, if you assume most people are saving more in order to prepare for their long-term needs, you’d be mistaken. Here are some of the more startling truths about retirement in the United States.
- It could last longer than you think - the post-career phase of your life could last a quarter-century.
- Social Security falls short - Social Security benefits alone are not enough to assure you a comfortable retirement.
- Americans are way behind on savings - almost half of all Americans have no retirement plan savings whatsoever.
- Only half of us have a retirement plan - the median annual pension amount for the fast dwindling number of Americans who have the old-fashioned defined-benefit plan is only $9,376.
- Many of us are staying in the workforce - almost 19% of people 65 or older were working either full- or part-time as of 2017.
- Medicare won’t cover assisted living - nearly 70% of individuals who reach age 65 will need long-term care at some point.
For some good news about retirement and some steps to get your retirement savings on track, read this article.