Many Americans will fall short of current standard of living after retirementCouples mostly don't have a clue as to how much they should have in retirement savings and greatly underestimate what they will need.
"The Center for Retirement Research estimates 61 percent of households are "at risk" of being unable to live the way they would like and pay for their health care when they retire."
"But according to EBRI, couples need to save about $300,000 in retirement to cover health expenses, assuming they live to average life expectancy and Medicare benefits remain at current levels. For those who live to 95, that amount jumps to $550,000."Gee, with the economy tanking and great losses expected for investors and homeowners, even those who have done pretty well will have to sell their homes and settle for a lot less. So much for the "golden years." And for regular folks who live paycheck to paycheck, the prospects are gloomy for any sort of dignified older age and they'll probably just die off sooner than the somewhat wealthier.
Imagine my non-surprise when I read this in the NY Times: Midlife Suicide Rises, Puzzling Researchers
I dunno, unless you want to kill yourself or just let the nature of the "Land of Free and Home of the Brave" kill you a bit more slowly, your best bets are to move out of this country if you can do so or plan to spend yourself broke and go on Medicaid (but make sure you're in a good solid blue state). If you're really lucky and your kids don't hate you, maybe they'll take you in one day.
My plan is to urge my child to get the best education and qualifications for an exciting career abroad and then send for me... in my dreams.