For many American seniors, their retirement savings are not enough

Millions of American seniors over age 65 are still working because their retirement savings are inadequate. Jill Schlesinger examines how they reached this point, and what some can do to be better prepared.

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[IamJonny-ov]

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents.inflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

[IanKemp-kn]

It’s recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving that percentage can ensure that you have enough money to retire comfortably. You can take advantage of compound interest and potentially grow your retirement savings over time.

[diane.moore-]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[Aarrenrhonda]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[NicholasBall]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[Jasper]

Started my first job out of school at a refinery in 1992. I remember the HR lady, Sue, telling me this is the most important decision you will be making for the rest of my career. She "made me" contribute 10% towards my 401K. Then she told me don't touch it and forget it. Thanks to Sue I can retire before 60!

[Peterl]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[harrisonwintergreen]

100% chance the couple had car payments for 30+ years, and "took money out of the house" to pay for vacations rather than paying off mortgage.

[bilo]

They treated their retirement account like a savings account? Now there’s your problem.

[Lamarche]

Do not listen to anyone telling you to work on beyond 67. I hit my 35 years of national insurance contributions when I was 55. I'd prepared my path ten years earlier. I invested (£95k with the help of my Fa). We sold up in the UK at 55 and have lived on the proceeds since then. I have a private pension which started aged 60. My full State Pension finally starts in 3 weeks (I plan on investing it all for my grandkids secret nest egg) Every day is absolutely amazing. Don't work a day longer than you have to. The clock is ticking. We are not slaves to the system. No Government can tell you when to stop. Go find your own freedom.

[davidbrooks]

People love to overspend and then complain when they're out of money😮😅

[jeanetteh.]

He drives a much, much nicer vehicle than I do. But, mine is paid off.

[FlorentGulliver]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[V.stones]

Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.

[maiadazz]

I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.

[chessdad]

Then there are those that lived modestly, saved regularly, and now are coasting in retirement.

[YouTubeUserNumber]

He was an electrician and he's unloading trailers for $14 / hr?
That's foolishness. He could be picking up small electrical jobs on next door and Facebook in his community and make way more. He could easily charge $100 to change out a GFCI for a homeowner that doesn't have the time or knowledge.

[davidwelty]

Continuous car loans are destroying people’s savings ability. No one talks about this.

[andreawill]

Never go into "retirement" with any debt! Including mortgage, vehicle and/or credit card debt.

[EM-rexq]

Car payment and mortgage at 77? Those looked like nice leather seats. Sell the car. I can’t believe this is not a no brainer for these people.