![]() In 1995, about 17.5% of Americans that age were working, and the percentage was even lower before that.įor those who do not want to work past age 65 and still be financially secure, there is a certain amount of money they can expect to need. Data from the Bureau of Labor Statistics shows that more than 26% Americans between ages 65 to 74 were still working in 2020, and that share is projected to hit 32% by 2030. Partially as a result, the number of Americans working past retirement age is rising fast. ![]() Though the vast majority of retirees supplement their savings with Social Security income, the average monthly Social Security payment is only $1,694 – not nearly enough to cover typical living expenses, let alone luxuries like travel and dining out. Based on analysis of Federal Reserve data by the accounting firm PwC, the typical American between the ages of 55 and 64 has just $120,000 in a retirement savings account. In most cases, your copayment won’t be more than the Part A hospital stay deductible amount.Most Americans are woefully underprepared for retirement.
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