 |
| Above, our senior group cut back on restaurant gatherings from five days to two due to rising prices. |
It is getting harder and harder to save money for retirement.
Thanks to inflation, it costs more to buy food, pay for rent, buy a house, healthcare and just everyday living expenses.
CBS News reports that more people are living paycheck-to-paycheck these days and finding it nearly impossible to save for retirement.
They begin with:
Many Americans are eager to put money away for retirement, but that goal is increasingly out of reach because more workers are living paycheck to paycheck, a new Goldman Sachs study finds.
Roughly 42% of younger working Americans — spanning Gen Z, millennials and Gen X — report having no spare savings after covering their basic living expenses, according to the analysis, which surveyed about 3,600 workers and 1,500 retirees. Among those just getting by, about three-quarters said they are struggling to save for retirement, the survey found.
The share of U.S. workers in this precarious financial position has grown significantly since 1997, when 31% lived paycheck to paycheck, according to Goldman. The investment bank projects that figure could climb to well over half of Americans by 2033 as essentials like housing and health care continue to rise in cost.
To read more, go here.
1 comment:
A tip for those 42% of "young American workers": Yeah, it's pretty hard to save for retirement when you're paying hundreds of $ for cell phone and internet plans, specialty TV channels, hundreds (thousands?) more for concert and sports tickets, traveling during vacations instead of getting things done around the home, spoiling your kids (if you have any), etc., etc., etc. People used to work, live frugally, and then have fun in retirement with the $ they socked away. "Young workers" today seem to be unable to plan that far ahead. Too bad.
Post a Comment