A Quarter of Americans Say They'll Never Retire. Here's Why That Might Not Pan Out
Retirement is becoming more and more expensive, and yet the average worker's savings aren't keeping up pace with rising costs.
Baby boomers have a median amount of just $152,000 in retirement savings, according to a report from the Transamerica Center for Retirement Studies. Considering the average person age 65 or older spends around $46,000 per year, according to the Bureau of Labor Statistics, that $152,000 in savings would only last around three years.
If you have little to nothing saved for retirement, simply delaying retirement and working longer may seem like the best option. In fact, nearly a quarter of workers (23%) say they don't ever plan to retire, according to a poll from the Associated Press-NORC Center for Public Affairs Research.
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