The Merrill Edge Report discovered many investors had skimped on savings: More than half of respondents had saved less than $250,000 for retirement. That might fall short — by a very wide margin — of what many retirees need to live comfortably in retirement, experts warn.
One lasting effect from the recession is that all savings balances have been hit hard — not only retirement accounts, but also home values, which many people count on to fund part their retirement, says Brent Neiser, director of strategic programs at the National Endowment for Financial Education.
With the other legs of the retirement stool being broken, many people are facing the option of having to work longer, he adds.
And so many Americans on the brink of retirement have no choice but to work to make ends meet.
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