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Reply to "People who don't save for retirement"
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[quote=Anonymous]Certainly there are millions of poor old people, but the average retired American is doing OK. The people who are struggling in retirement are typically (but not always) those who struggled financially earlier in life. Poverty rates for older people are lower than for those in late middle age. "Survey data from Vanguard show that less than 5 percent of retirees consider their own financial situation to be a 'retirement crisis.' Gallup finds that 4 in 5 seniors say they have enough money, not just to survive, but to 'live comfortably.'" In 1979, the average household aged over 65 had an income of $45,100 (measured in today's dollars), but by 2021, the average retiree household's income had more than doubled to $116,700. https://www.dailymail.co.uk/yourmoney/article-15350935/retirement-crisis-andrew-biggs-analysis.html[/quote]
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