Retirement savings black hole revealed with 1 in 5 having nothing saved
September 10, 2024 by Steve Randall
Millions of Americans have retired with no savings at all, while many more have less than the US average wage to support them in their later years.
Click HERE to read the full story via InvestmentNews
Wink’s Moore on the Market: Fascinating retirement survey.
(You know how I love stats!)
“Looking at those already retired, 21% have saved nothing and 15% have less than $50K. More than two thirds of respondents had at least $250K saved while 20% had between $50K and $250K.”
Already retired, and you still have saved nothing?!?
“For those who did not save, 78% rely on Social Security, while 17% rely on a pension plan and the same percentage relies on government assistance.”
Sheesh! I thought it was common knowledge that Social Security is only intended to support less than half of your income needs in retirement?
*******************Sounds like more people need annuities!*******************
“Among top concerns for retirees are illness and declining health along with fears that they will outlive their retirement funds.”
See- opportunities to educate about annuities ABOUND.
“Just 13% of retirees said they have saved more than they need for retirement, one third have about the right amount, and 53% say they should have saved more.”
We have to find a way to get credible information about annuities to more Americans. This is senseless. -sjm
