Retirement in America is a disaster for many. Is there hope?
October 8, 2024 by Kerry Hannon
For 72-year-old Jacqueline Withers, retirement has been rocky. And she’s not alone, as it turns out.
Eight years ago, the Jacksonville, N.C. resident stepped away from her job as a home healthcare aide because of a heart condition. She tapped into her Social Security. But it was not — then or now — enough to make ends meet. Her $1,700 monthly check only covers 90% of her very basic living costs. The remaining 10%? A measly pension takes care of that.
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Wink’s Moore on the Market: Jacqueline Withers’ “$1,700 monthly check only covers 90% of her very basic living costs. The remaining 10%? A measly pension takes care of that.”
The trouble is, she said, “I don’t have enough income to pay my medical bills and buy decent food to live on.”
*************Sounds JUST like the chapter in “Why I Bought Indexed Annuities,” where I discuss my paternal grandmother’s “retirement.”*************
And HOLY BUCKETS-
“It also doesn’t help that many Americans are nearing retirement or are in retirement with massive amounts of credit card and medical debt, according to Federal Reserve data. Debt for households headed by people aged 65 to 74 has more than quadrupled since 1992, from $10,150 to $45,000 per household in 2022 (the most recent figures). For those 75 and up, debt has increased sevenfold.”
I can definitely see that.
“Based on our research, over 40% of all US households might expect to run out of money in retirement.”
If only they had heard of annuities!
However, “a rising number of employers are offering annuities in their 401(k) plans. And more people, for example, are building their own do-it-yourself income stream with a single-premium immediate annuity (or SPIA).”
Perhaps there IS hope… -sjm
