"Everyone's expenses are going to look different during retirement," she told Business Insider. The unpredictable nature of retirement spending makes it challenging for individuals to plan adequately.
"The US faces a retirement crisis. Millions of older adults don't have the savings necessary to retire from their 9-to-5s or are living from one Social Security check to another."
In 2024, the average Social Security check will be insufficient for many. Moreover, the federal fund could start shrinking by 2030, heightening concerns.
Half of adults age 65 and above have an income below $30,000 a year. Furthermore, a fifth of Americans over 50 have no retirement savings at all.
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