Here’s why Americans with no retirement savings are expected to work longer than planned.
Americans with No Retirement Savings Could Possibly Work Longer Than They Planned to Meet Their Basic Needs
Millions of Americans nearing their retirement age reportedly have no retirement savings could possibly work longer than they planned to meet their basic needs, as some people with no retirement savings believed that receiving benefits would cover all their expenses after retirement.
According to a report published in The Ascent, although people with no retirement savings appeared to be comfortable with what they have, most of them are struggling to find other sources of income; however, the number of people with no retirement savings continued increasing despite its possible negative impact.
With the increasing cost of living and inflation, people with no retirement savings could be forced to work more years than they initially expected to afford high healthcare costs after retirement, or people with no retirement savings could tighten their budget to reach their goals.
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Best Options Available for Americans with No Retirement Savings to Maximize Their Money After Retirement
Even with no retirement savings, there are several best options available for people struggling to reach their goals, which would eventually help maximize their money after retirement, including trusted investments.
People with no retirement savings can also start a retirement account where they could grow their money by contributing every month, and in no time, they would slowly reach their retirement goals, CBS News reported.
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