US Retirees in Savings Crisis
Summary
A report by Clever Real Estate finds that American retirees, on average, have far less in savings than they feel they need to live comfortably. The typical retiree has about $288,700 saved, but believes $823,800 is necessary for a comfortable retirement. Many retirees are worried about their financial future, with concerns about housing costs and overall ability to sustain their lifestyle.Key Facts
- American retirees say they need $823,800 for a comfortable retirement by 2026.
- The average retiree only has around $288,700 saved.
- 64% of surveyed retirees believe the U.S. is in a retirement crisis.
- 48% of retirees lack confidence in sustaining their quality of life long-term.
- 29% of retirees have no retirement savings.
- Housing is a major concern, with 49% worried about falling home values.
- 51% of retirees do not have a plan if their savings run out.
- Proposed solutions like raising retirement age or cutting benefits met resistance among retirees.
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