60% of Americans have given up on saving for retirement
With sympathy, i understand. It seems impossible for Many, Mayby most. What’s the point of even trying when living week-to-week is already a struggle?
My own retirement plans when I get too old to chew the leather anymore and there is nothing left for me involve a weekend at a luxury hotel suite with: shotgun, a bottle of fine vodka, a short visit with an accommodating materialistic young woman, and then a great steak dinner alone on room service. I think I can scrape the required cash together for that, at least.
In the wake of the Great Recession, retirement-minded Americans are feeling an unprecedented amount of futility. They are undersaved and — worse — see little reason to do anything about it.
That’s the alarming conclusion in a new report from the Deloitte Center for Financial Services, which found that 60% of preretirees believe health care costs will consume their savings no matter how much they save. Similarly, 39% believe investment returns won’t be high enough to provide decent retirement income regardless of how much they manage to put away.