The generation that is getting close to retirement is the one that is not as financially prepared to retire as you might think.
According to the Wall Street Journal 40% of households with people from the ages of 55 to 70 don’t have the money to maintain their standard of living in retirement. Houston financial planner Richard Rosso told KTRH he sees this more than you realize.
“I help people every day that are in a situation that they will have to adjust their expectations about retirement for various reasons,” Rosso said.
So why this this happening? Rosso says a big part of it is the loss of something we used to have decades ago; pensions.
“The loss of guaranteed income that American depended on to live their lives. This was income they could not outlive,” Rosso explained.
Rosso says another problem is that while Wall Street recovered from the Great Recession, but many people are still looking to make back everything they lost ten years ago.