A Northwestern Mutual study reports that it costs $1.46 million to retire gracefully, and FOX Business’ Ashley Webster talks to Diner in The Villages, Florida about retirement.
As experts warn of a looming crisis, Americans weigh in on whether a comfortable retirement is out of reach.
Florida residents gathered Friday at the Flying Biscuit Cafe in The Villages to share their thoughts on the cost of living and whether a stable retirement is unattainable amid the country’s rampant inflation.
A Florida woman named Lisa said she considers herself “working and working” because “everything” is “expensive.”
“We’re going to have to work harder, longer, more shifts to make ends meet,” she stressed to FOX Business’ Ashley Webster.
She further added that her ability to save is “zero.”
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According to research by Allianz Life Insurance Company of North America, American households are drawing down their retirement savings, borrowing money and reducing the amount they have set aside for the future to maintain their current finances.
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Another resident, Roger, who recently retired at age 80 after running his own business, said he sees many people working longer hours when they don’t want to.
“You see people here and there working as cashiers and waitresses and doing odd jobs just to supplement their income,” he told Webster.
This isn’t true for all Americans, as one woman who retired at age 55 recounts her experience.
“I made a lot of plans to set my goal of retiring early, and I was lucky enough to work for a good company, so I was able to achieve it,” she explained.
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“We bought a house in The Villages quite young so we were able to pay it off when we retired, which helped us,” she said.
A village resident said her husband was able to retire early because he continued to work.
Larry Fink, BlackRock’s chairman and CEO, spoke on “The Craman Countdown” about saving money for retirement.
“Life is good,” she added.
Concerns about saving for retirement have increased in recent years.
A recent study by Northwestern Mutual suggests it costs $1.46 million to retire comfortably.
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FOX Business’ Megan Henney contributed to this report
