Nearly half of retirees think they will outlive their savings, survey finds

InvestigateTV - The average retiree has $21,000 less in savings than they had at the start of 2022, a recent survey of 1,000 retired Americans by Clever Real Estate found.

“Some retirees are in really dire straits,” Matt Brannon, a data writer at Clever, said. “37% of retirees said they have no retirement savings, and many are making difficult sacrifices, with one in five saying they’ve skipped meals to preserve their savings and one in four saying that skipped medical appointments or treatments to save money.”

Brannon said that unlike working Americans, retirees have fewer opportunities to increase their income. The survey found 30% rely solely on social security for income.

“That might explain why one in three retirees told us that they’re considering returning to work in some form, whether that’s freelancing part time work or even looking for a full-time job,” Brannon explained.

• Brannon had several tips to help save for retirement:
• Start saving for retirement as early as you can – no age is too young to begin
• Invest as much as you can in a 401K or Roth IRA
• If you are nearing retirement, try to increase your savings
• Research and read everything you can on retirement planning
• Use online retirement calculators to help you understand how much to save
• Consider using a certified financial planner

Copyright 2023 Gray Media Group, Inc. All rights reserved.