>“The median savings today for people reaching so-called retirement age is about $50,000, but now that people can live decades past this notional retirement age, estimates are that people need to have $1 million saved for retirement,” Siff said.>Annual retirement costs for more affordable states in the Midwest and South run to about $50,000, according to a Visual Capitalist analysis. Consequently, this puts many in the age range of 55 and older in a financial bind.
i bet if there was no welfare state, cost of living would be lowerand it would be easy to save for personal retirementrather than relying on social security and meager savings
>“The biggest change we can look for is that the entire concept of retirement will change dramatically, and perhaps fade away entirely,” Siff said.>Siff said he believes that as overall population growth begins to slow, millions of adults older than 55 will start reentering the workforce en masse—and only partially because of lack of retirement savings.>While they need to work for financial reasons, “increasingly, they also want to work because of the dramatic positive impacts work has on longevity, happiness, health, and sense of purpose,” he said.
