“Retirement: Average Boomer’s savings would only last seven years, study finds,” by Dhara Singh, Yahoo!Money
“The average baby boomer’s savings will last only seven years in retirement, a new study found, unless they curb their spending during their golden years. Boomers on average have $920,400 saved for retirement, the Charles Schwab survey of 2,000 Americans aged 55 to 75 with at least $100,000 in investable assets found. But they expect to spend $135,100 per year to sustain their ideal lifestyle in retirement, meaning their savings would run out after seven years. … So how do they expect to stick with this vision? By working more and putting their needs first.”
LTC Comment: Seven years? The average period from onset to death with Alzheimer’s Disease is eight years! Americans aged 55 to 75, this survey’s sample, will face long-term care risk and cost right around the time the bottom falls out of Social Security, Medicare and Medicaid in the 2030s and later. LTC denial is more dangerous than ever.