Tuesday, May 28, 2024
Is the Ability to Retire Becoming a Luxury?
The Tampa Bay Times ran an editorial about the fact that some folks will not be able to afford to retire. Retirement is a growing luxury in the US offers that, for various reasons, older workers are returning to the work force after retirement, or not retiring at all. The editorial discusses a recent survey from AARP, New AARP Survey: 1 in 5 Americans Ages 50+ Have No Retirement Savings and Over Half Worry They Will Not Have Enough to Last in Retirement "shows that "20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement. The findings also reveal a decline in overall sense of financial security among men, 42% of whom describe their financial situation as “fair” or “poor,” up from 34% in the beginning of 2022. However, roughly 40% of men who are regularly saving for retirement believe they are saving enough, compared to just 30% of women."
Keep in mind, the editorial cautions, there is a difference between older Americans who continue to work because they enjoy it compared to those who keep working because they can't afford to retire. Thee article also discusses the different savings behaviors when the employer offers a plan to help workers save for retirement.
https://lawprofessors.typepad.com/elder_law/2024/05/is-the-ability-to-retire-becoming-a-luxury-1.html