“Less than 25 percent of Americans expected to save enough to retire comfortably,” by Kathleen Steele Galvin, McKnight’s Senior Living 

 

Quote:

“Less than a fourth of Americans expect to save the $1.1 million estimated to be necessary to retire comfortably, according to the 2022 Schroders U.S. Retirement Survey. Fifty-six percent of those surveyed said they expect to have less than $500,000 saved by the time they retire, including 36% who anticipate having less than $250,000. The major concerns facing retirees and those nearing retirement are inflation that lessens the value of their assets (65%), higher-than-expected healthcare costs (64%) and a major stock market downturn that would significantly reduce their assets (53%).”

 

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

All of those concerns are about to get much worse just as the bottom falls out of the public safety net programs intended to make up the difference. How did we get into this mess? Keep an eye out for “The Entitlement Put,” my next article explaining how social programs promised protections they won’t provide, but discouraged personal responsibility and planning. We’re about to pay the price for a century of government trying to make individual risk disappear.