Democrats and Republicans finally agree on something: America faces a retirement crisis

POSTED BY: 6ixStringJack
UPDATED: Sunday, September 22, 2024 00:39
VIEWED: 346
PAGE 1 of 1

6IXSTRINGJACK

Sunday, September 22, 2024 12:36 AM

https://www.usatoday.com/story/money/2024/09/21/republicans-democrats-
agree-retirement-crisis/75246270007/

Quote:
When the survey asked voters if they think there is a retirement savings crisis in this country, 93% of Republicans answered yes, joined by 86% of Democrats and 94% of independents.

Three-quarters of Republicans said they are concerned about “not being able to maintain their standard of living” in retirement, joined by three-quarters of Democrats and a slightly smaller share of independents.

It is not as bad as it sounds, however. Republicans believe they need $2.1 Million in retirement savings to make it. Democrats believe they need $2 Million. Independents believe they need $3 Million.

No. You won't need anything close to any of those numbers unless inflation spirals out of control again and never stops.

Quote:
Wealthy Americans share many of the same fears about retirement. In a 2023 report, Transamerica found that retirement security rises with income – but only to a point. Even among Americans with more than $200,000 in household income, the report found, only 42% said they are “very confident” they can maintain a comfortable lifestyle in retirement.

“Even with objectively high net-worth individuals, the idea of retiring and starting to spend your own assets and the threat of running out of money is scary,” said?Peter Lazaroff, a certified financial planner in St. Louis. “And it doesn’t matter what your politics are.”

If you've been making $200k per year and you run out of money before you die, ain't nobody going to be crying for you.

6IXSTRINGJACK

Sunday, September 22, 2024 12:39 AM