Harsh Truths
Retirement comes with a lot of promise — the golden years, they call it. You imagine you’ve done your part and now is your time to travel the world, and spend time with your family, without worrying about making ends meet — Uncle Sam has you covered. Unfortunately, the reality is a bit bleaker.
Nearly 66% of Americans nearing the age of 65 are not financially prepared for retirement, according to a recent survey by the Retirement Income Institute and Alliance for Lifetime Income. More than 52% say they will rely primarily on Social Security as their main income source, with an average expected annual benefit of $22,000.
In this economic climate, retirement is far from a paid vacation. The sooner you realize this, the better you’ll prepare for it.
Here are 8 brutal truths about retirement.