“What You Could Learn About a Successful Retirement From Current Retirees,” by Walter Updegrave, Money

“Despite all the talk of a retirement crisis — and fears of people running through their savings too quickly — a new study has found something interesting: Older Americans who’ve spent nearly two decades in retirement have not only been able to maintain their pre-retirement standard of living, but have managed to do so while keeping their nest egg largely intact. But before today’s retirement savers get too giddy, the same study warns that future retirees may find it much more difficult to achieve anything close to the same feat. [Emphasis added.]

“Future retirees, however, are almost certainly going to have to draw much more on their savings if they hope to maintain something close to their pre-retirement standard of living. One reason is that two major sources of retirement income — Social Security and a traditional defined-benefit company pension — aren’t likely to provide the same level of spending cash for the next generation of retirees as they do for the current one.”

LTC Comment (from Damon Moses, Administrative Coordinator, Center for Long-Term Care Reform):

With the future of entitlements uncertain at best, longevity and healthcare costs increasing, and expensive long-term care costs likely, future retirees have enough to worry about. Those who can build a savings nest egg will need to protect it and finance quality long-term care services.

What You Could Learn About a Successful Retirement From Current Retirees

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