Americans struggling to afford retirement | Morning in America

Many retirement-aged Americans either don’t have enough money saved or they’re using their accounts like an ATM and withdrawing funds earlier than planned. NewsNation spoke with Shari Evans Buford, a woman who retired in Florida. She and her husband both worked until retirement and Evans Buford has a 401K as well as Social Security. But life happened and she said her savings disappeared before her eyes.

#Money #Retirement

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[shAnnn]

"RETIREMENT"?...I can't afford my monthly bills, let alone prepare for retirement.

[Janjust]

SS is NOT enough period. We truly need to save for our future.

[BTrain-isch]

The true shame is the number of Americans that think social security is supposed to be their retirement plan, spend four decades working and behaving as though it's taken care of for them, and are going to have to learn the hard way that it isn't. A close second is the number of politicians reinforcing that misconception.

[breadwinningbiscuit]

Going into retirement renting not a great plan. Paid off house is nice. Good idea to plan an emergency fund so you don’t need to touch 401k early.

[franklin]

Imagine saving your whole life. Every year you save. They devalue the currency you saved. It's a scam. Our whole economy is.

[OddlyAmusedByAll]

Retirement?? What Retirement? Just gonna climb into the box on the last day 😂😂😂😂

[johnd.]

If you think retirement is difficult, see what happens if you become disabled! If you don't look disabled it's even worse! If anything happens no insurance companies will pay for the products you paid for! The American courts will draw things out while the bills and taxes beat you into complete despair!
You will never recover socially or financially and just forget about your education and experience because that is all worthless! You will be severely punished and the best case scenario is you become cheap labor and forced to watch illegal immigrants get the benefits that you work for and paid for!

[AKAAAK]

Damn, I'm retiring at 55/wife will be 59.5.... buy the key is, we'll be leaving the country to more affordable pastures with money in tow.

[Me]

Of all of my fellow Boomer friends, I was the only one saving money for retirement. My friends were all buying too much stuff and doing it on credit. I never made a high income, but I saved every month. Didn’t have a bunch of kids and retired early.

[mycharles]

People are living too close to the wind. Not having kids is a major financial stress relief.

[laurenb]

I’ve already excepted the fact I’ll never retire or own a home despite being a nurse making 110k a year. It’s never enough especially in California. I’d like to have one child but even that seems far fetched sometimes.

[happyappy]

SS will not sustain retirement. It wasn’t meant to.

[AZITHEMLGPRO]

Just wanna put something in perspective for the millennials, getting ready to put in another 35 years: $100, 000 in 1994 is worth $211, 570.85 today

[TerrySchwanke-zd]

Nooo really? We live in a world of competition. Have a bigger house, have more expensive vehicles, take lavish vacations. People live beyond their means. Wake up people!

[TekkiTEZ]

So, say on average, that ladies house hold is collecting $1, 500 for each adult in SSA, that means 4, 500, plus they all must have worked a good 40 years each and this is including the elderly mother. I just think they are not living within their means and they should have had a house many years ago and paid off. Some of this is bad decisions.

[UncleDavesKitchen]

if she pays rent she DIDN'T prepare for retirement. Social Security is approximately 1/3 of your working income, it's to SUPPLEMENT your retirement, not be the sole source of retirement income.

[sillymadeupusername]

Sorry but I don't get it.
How can you work from @18 years old to @65 years old and be stoney broke??
This smacks of very poor financial budgeting/common sense?
Even I who was a spendthrift in in 20s and 30s got my crap together.

[lynncarrington]

How can a society allow seniors that have worked they whole life to live in poverty like this? It's shameful.

[diadora]

House and cars have to be paid for….debt free before even considering retirement. Good luck to everyone in this bizaro effing world we live in today.

[pgppe]

It is strange how anyone can say that high inflation over 18-24 months could hamper retirement you should have been planned for over a 30-40 year time period.

This story is titled incorrectly because the First Lady talking didn’t really have a retirement plan. Part of Retirement planning means getting getting out of debt before you retire, have an emergency fund and enough money in 401-K and IRA to supplement your lifestyle if not then keep working.