“Study: Most Pre-Retirees Unprepared to Retire by Age 65,” by Ted Godbout, National Association of Plan Advisors

Quote:

“Findings from a new study show that the majority of retirees and pre-retirees are not financially prepared for retirement and lack sufficient savings to fully retire at age 65. According to Disconnected: Perceptions vs. Reality in Retirement Planning from The Stanford Center on Longevity (SCL) and Finance of America Reverse (FAR), the median retirement savings of those surveyed were valued at $128,000 and more than half (55%) of respondents reported their financial situation as ‘fragile’ or being ‘just able to get by financially.’”

 

 

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

If there is any silver lining in this dismal news, maybe it’s that people working longer may be better able to protect what savings they do have with LTCI.