Features: Rethinking Retirement Savings

Matthew Wells
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Matthew Wells: https://www.richmondfed.org/research/people/wells

Econ Focus, 2024, vol. 24, issue 3Q, 8-11

Abstract: How much is enough to live comfortably in retirement? Would $30,000 a year be enough? Maybe if you live in a low-cost area, and the house is paid off. How about $15,000? It would be a stretch, at best. Yet recent census numbers indicate millions of Americans over the age of 65 must figure out how to make ends meet on these incomes. A quarter of seniors, almost 14 million retirees, live on only $15,000, while a little over half, 29 million retirees, live on only $30,000 a year. For these Americans, the prospects of a comfortable retirement appear uncertain.

Keywords: retirement; savings; investments (search for similar items in EconPapers)
Date: 2024
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