Middle-Aged Americans Are, Underprepared for Retirement, , Study Finds.
'Newsweek' reports that people in the United States
who are approaching retirement age may be critically
underprepared when it comes to their savings.
According to Prudential Investments, Americans around
the age of 55 are facing a "midlife retirement crisis,"
lacking the funds for a comfortable post-working life. .
A recent survey by the major insurance
provider found the average retirement
savings of a 55-year-old to be $47,950. .
This falls significantly short of the recommended
goal of having eight times a person's annual
income saved by the time they reach 55. .
According to the survey, 57% of 55-year-olds
said they expected to outlive the funds
they have currently managed to save.
That's compared to 59%
of 65-year-olds and
52% of 75-year-olds.
The survey also found that one-third of 55-year-olds
and 43% of 65-year-olds have already been forced
to postpone retirement due to inflation.
Attention today is rightly centered on
the approximately 11,000 65-year-olds
entering retirement every week, but we
must also focus as an industry on the
opportunity to help a slightly younger
generation of workers entering the
critical 10-year countdown to retirement, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
Further, the financial futures
of certain cohorts—such as
women—are especially precarious, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
The upside is that, with the right
planning and strategy to protect
their life's work, we can ensure
this generation is well-prepared
to live not only longer, but better, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'
