Summary
Many Americans are now reaching retirement age, but they may not have enough money saved to support themselves. Rising living costs and fewer pensions are making retirement more difficult. The future of Social Security benefits is uncertain, adding to these challenges.
Key Facts
- A large number of Americans are reaching retirement age, but many are not financially prepared.
- Life expectancy is increasing, meaning people need more savings for longer retirements.
- About 45% of Americans might not have enough money if they retire at 65.
- The full retirement age in the U.S. is now 67.
- Costs for healthcare and housing are rising faster than overall inflation.
- Only about 14% of Generation X have pension plans to support them in retirement.
- Wealthier workers contribute much more to retirement savings than lower-income workers.
- Social Security benefits are uncertain, affecting current and future retirees.
