Summary
Faced with inflation, taxes and concerns over the size of Social Security benefits, most Americans are more afraid of going broke in retirement than they are of death.
In total, 64% of respondents across generations said they are more stressed about running out of funds in their golden years than the prospect of death.
Americans say they need $1.26 million to finance a comfortable retirement, yet the median amount saved is $87,000. “Certainly for boomers…inflation is a big deal.”
I knew a fellow that was in his 80s that worked at the same shitty company I did. It was also pretty clear to me that he just couldn’t keep up. Very sweet guy too. Conscious of racism, opposed a lot of bad policies (and took direct action in his younger years).
He told me one day that he worked there so he could afford care for his wife. Soon after his wife passed, so did he. Didn’t really get to retire.
Another victim of capitalism. But I don’t know of a better system proven over time.