(FixThisNation.com) – In the United States, many retirement-aged people are struggling as they do not have enough money saved up for retirement, or they are using the funds from their retirement accounts much faster than they originally planned.
NewsNation spoke with Florida retiree Shari Evans Buford, who along with her husband had both worked until they ended up retiring. Buford has both Social Security and a 401K saved up. However, she stated that currently, she has to look after her elderly mother, while their rent has gone up and her husband was recently involved in a car crash. She added that her grocery bills have greatly increased in the last year and her savings are rapidly decreasing.
As she told the outlet, “life happens” and before anyone realized all the money that they had saved thinking that it would take them through retirement was gone. She added that what she had learned was that it was possible to prepare for what one wanted but there was no way of preparing for what would actually happen.
A 2022 survey by the Federal Reserve shows that around 54.4 percent of American families had IRA or 401K accounts. This means that a large portion of the population will be left without any income as soon as they leave the workforce and will rely on Social Security. Currently, Social Security amounts to a bit less than $23,000 per year, which is not great news for people who rely on it to survive. The poverty line is just under $18,000 annually.
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