Millions of Americans are approaching retirement age with no savings
Cumberland, Rhode Island — Maryann O'Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66. 'I hope to be retired, playing the piano again, enjoying my life,' O'Connor said. With no savings or 401(k) — not even enough to cover an emergency...
sion5.com
by Harriette Wendell
about 24 hours ago
Cumberland, Rhode Island — Maryann O’Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66.
“I hope to be retired, playing the piano again, enjoying my life,” O’Connor said.
With no savings or 401(k) — not even enough to cover an emergency — she sold her house and bought a smaller one with two other women.
“It’s a matter of life and death,” she said of her current financial situation.
Millions of Americans approaching their golden years are still not financially prepared for retirement. According to data from the US Census Bureau, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.
O’Connor, who adopted and raised three children as a single mother, said she knew she would be part of that group.
“I have a philosophy to live for now, I guess,” O’Connor said.
For her and others without a nest egg, experts said it’s not too late to make a plan. According to AARP, that includes keeping working, lowering the cost of living, saving when you can, and delaying Social Security benefits until age 70 in order to get the highest monthly check. possible. You should also avoid risky investments that you believe will make up for lost time.
“The higher the promised returns, the more real research you want to do before investing your money in something like this,” said David John, senior policy adviser for the AARP Public Policy Institute.
According to AARP, nearly 57 million Americans work for an employer that does not offer a retirement savings plan. O’Connor said his advice to young people is to start saving now.
“I wish I had started earlier,” O’Connor said. “But I guess I would say now that they need to start planning as soon as possible.”
As for O’Connor, she continues to work. She formed a travel planning company for women’s groups, and it allows her to see the world for herself, even as she works while doing so.