Financial security is a concern
How many people feel financially secure during or just before retirement? Well, we’ve got the numbers! While 56% of seniors said they didn’t need the extra income but wanted it anyway, 73% were not satisfied with their nest egg, so working for longer is their only option. Only 17% of seniors are happy with the funds they’ve collected over the years.
Clearly, financial security is a big issue among the elderly in America!
According to a 2017 study by AAPR, 72% of workers as a whole and 80% of retirees had saved money for retirement, but 31% of workers and 29% of retirees saved less than $25,000. 44% of retirees said they were not confident they would have enough money to pay for long-term care.
It’s important to work while we can so that, as we grow older and our abilities diminish, we’ll have enough money set aside in order to get help from medical professionals.
You’d think things might have changed a little by 2019, but sadly, the financial situation of many retirees has remained the same. One study found that 64% of U.S. workers are expected to retire with less than $10,000 in their bank accounts.
