{"id":9854,"date":"2023-07-08T07:41:06","date_gmt":"2023-07-08T11:41:06","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9854"},"modified":"2023-07-08T07:44:59","modified_gmt":"2023-07-08T11:44:59","slug":"even-the-rich-are-not-facing-retirement-readiness-reality","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9854","title":{"rendered":"Even the rich are not facing retirement readiness reality"},"content":{"rendered":"
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/div>\n
\n
\n
\n
\n
Many Americans are deluding themselves when it comes to their retirement readiness \u2014 especially the wealthier ones.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n

About one-third (34%) of American households say they\u2019re at risk of not being able to replace their working income in retirement. But an index measuring the percentage of working-age households at risk forecasts a far larger number \u2014 nearly half (47%) are in danger, according to a\u00a0new brief<\/a>\u00a0published by the Center for Retirement Research at Boston College.<\/p>\n

Higher-income households tended to be overly optimistic versus lower earners.<\/p>\n

Read on Yahoo Finance<\/a><\/strong><\/p>\n

The disconnect between belief and reality means many households with too little savings are unlikely to course-correct and find themselves with a lower standard of living in retirement, while those who are too concerned may forfeit too much of their earnings now for later.<\/p>\n

“We found that about 28% of people are what we call \u2018not worried enough,'” Anqi Chen, one of the brief\u2019s co-authors and a senior research economist at the Center for Retirement Research, told Yahoo Finance. “They think they’re doing okay, but our model says that they are at risk of falling short.”<\/p>\n