2w ago

Americans are more scared of going broke in retirement than they are of death, study finds

www.cbsnews.com

Summary

Faced with inflation, taxes and concerns over the size of Social Security benefits, most Americans are more afraid of going broke in retirement than they are of death.

In total, 64% of respondents across generations said they are more stressed about running out of funds in their golden years than the prospect of death.

Americans say they need $1.26 million to finance a comfortable retirement, yet the median amount saved is $87,000. “Certainly for boomers...inflation is a big deal.”

66 comments

I never expected to retire, I'll work the rest of my life.
- In college, I worked part-time at a convenience store. There were a handful of middle-aged regulars that were clearly spending money they didn't have to spare on lotto tickets. Always wondered why they wasted that money.
  I get it now.
  
  When i was weeknight bartending and making $20 a night on a "good" night, i would buy a lotto ticket once a week. I never won shit, but it's not like there was anything else i could do with that money.
- I mean… if enough of you feel that way you could probably get together and do something to improve the situation?
  What’s the point of fatalism when you have literally nothing but a nightmare future to lose?
  
  The Boomers are going to break everything, there's no way to improve that. They're locusts, consuming everything, leaving nothing.
  
  You misspelled "the rich."
  
  Sure, no way to improve that if you aren’t willing to use pesticides.
  
  The wealthy controlled both parties until very recently.
  Our choices were to vote R and things would get worse quickly, D so it got worse slower, or completely check out.
  We finally got the "moderates" out of the DNC a few months ago, so there's going to be an actual choice for "better".
  The problem was too many people kept voting "blue no matter who" so the people running the D party didn't have any pressure because they still had a chance to win.
  I think the tipping point for a lot of DNC voting members was when the last DNC stole New Hampshire's delegates because they kept voting for a candidate Dem voters wanted and not who the DNC wanted.
  That was/is a huge deal that if Republicans had done wed still be talking about. But loads of people already "forgot" that happened
  
  I like the political optimism, but where was this huge shuffle of politicians you describe that ousted the moderates? Most of the people in office now are the same as before.
  
  Go have a look at what the new DNC chair has been saying. He is, at least, making some of the right noises.
- There used to be communities where single people would live together and communally care for the housing complex and healthcare for each other.
  Those were Beguines and Beghards and had a religious connotation, but it could be realized without.

66 comments