About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income, an AARP survey finds.
About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how a graying America is worrying more and more about how to make ends meet even as economists and policymakers say the U.S. economy has all but achieved a soft landing after two years of record inflation.
Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement.
Yeah, I took some years off to raise my kids, went to college while they were little, and overall I think it paid off but not to the point I plan to retire on purpose. Always saved what I could because employer matched, but some years that was $50 a month. Now finally at mid 50s with a husband who actually works (but had the same trajectory as a functionally single parent then actually single parent). We are sorta raking it in now but paying off the past still.
It’s not a terrible feeling, honestly, if doing again I might actually have chosen more years on the front end with the little kids, rather than time off when old. When I’m old, why not work? I have more time each year as some of the kids move out, once they are all grown maybe I will have enough time to work without feeling so rushed.
Of course the problem with this is that most people don’t choose to retire, it’s forced on them. Even as a clear minded fit and in shape 50 something I am one medical event or layoff away from “retirement”, right? That is what sucks.