Americans Struggling to Save for Retirement Amid Economic Malaise
Biden economy: Older Americans struggle to save for retirement and are forced to stay on the job longer.
The average amount of savings needed to retire comfortably is $967,000. However, according the Federal Reserve, the average retirement savings account balance is just $144,000.
CBS News reports that 40% of retirees claim that they only live off income from Social Security. The average Social Security payment is $20,000 per annum. reported. A Bankrate survey Find it The general retirement savings rate is below 55 percent for Americans.
As inflation and rising interest rates continue to be a problem for many Americans, the outlook for retirement is bleak.
A recent poll Find it The largest number of Americans since the Great Recession is half saying they are less fortunate than they were last year. Bank of America Wednesday Warned Customers are notified by the Federal Reserve that they will increase interest rates “to the point of pain” Inflation shows no sign of easing.
CBS News reported that seniors are being forced to delay their retirement due to the poor economic outlook.
Daniel Fitzpatrick was a senior planner. His original goal was to retire when he was 60. Now, he’s 64 years old and still works. Fitzpatrick has a current income of low six-figures.
“The benchmarks move as I get older,” Fitzpatrick said. Fitzpatrick stated that he wants to retire at 70. “look for something part-time afterward.”
According to GoBankingRates. Georgia residents need to retire with $850,000. Fitzpatrick has approximately $850,000 in savings but regrets not starting to save as soon as he can.
“If I had to retire and had to live on what I have now, I’d be much more worried,” Fitzpatrick said.
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