It's a sad development, 50% of Americans aged 55 and up will retire in poverty or near poverty.
https://www.marketwatch.com/story/half-of-americans-over-55-may-retire-poor-2020-10-01
“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.
How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on less than $20,000 a year,” she told me. “I think we could all agree that means chronic deprivation for the rest of your life.”
And the saddest part of this, is that it is completely preventable in most cases. Consider this... if your life depended on it, could you save $200 a month? I think the vast majority of people can. And that is all it takes to retire with dignity.
That and the knowledge of what to do with that $200 a month. Tell me again why financial literacy is not just as important as reading, writing, and math in HS? It should be made a requirement for graduation...