Warning Bells Sounding Concerning Retirement Savings

The impact of the Great Recession on retirement savings continues to be felt, particularly among retired seniors and soon-to-retire Baby Boomers. Investment losses may make assisted living harder for older adults to afford. Although a rebound in the stock market and rising real estate prices have firmed up the finances of some retirees and soon-to-be-retirees, many older people still have lower net worth now than they did before the financial crisis of 2008. As people are living longer than ever, having adequate savings is essential for a comfortable retirement. Retirement experts find that many retirement-age people don’t have sufficient funds saved. According to Genworth, about 54 percent of the soon to retire expect their expenses to decrease in retirement. A similar survey of retirees found that 64 percent of them reported that their expenses increased or stayed the same after they retired. The facts are that saving more and spending less is essential to a comfortable retirement
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