USA Today shares . Some of the notable findings:
- Over 40% of single seniors 65 and over get at least 90% of their income from Social Security
- Only 51% of Americans are confident they're saving enough
- More than one-third of Americans expect to work in retirement
- Almost 60% of retirees don't budget for leisure activities when planning for retirement
- Close to 50% of retired households spend more money, not less, in retirement
Some thoughts on these:
- That's way too much to count on Social Security to cover. It's supposed to be a safety net, not a full retirement account. I did not count on it at all in saving for my retirement but I do hope I see a return of at least some of my money.
- Of the 51% who are "confident" they are saving enough, 25% are probably wrong.
- I know many people would like to work in retirement (or need to in order to retire), but that's not a sound strategy IMO. So many people are not able to work in retirement that you just can't count on being able to.
- No budgeting for leisure activities? Isn't that what retirement is for? It's one of our largest expenses these days.
- We are spending way less than we did while working. In fact, other than travel, I can't name one category where we are spending more.
How about you? Any thoughts on the numbers above?