Inside the article, it is stated that $1.27 million is the average that Americans feel they need to retire. And only 7% of Americans have even that number.
In fact, the average American has only $89,300 saved for retirement ($122,500 for those in their 60s).
Yet most Americans get along just fine in retirement.
Thus this looks to be nothing more than a scare article.
Retired people are just fine so long as they live within their means. Many in fact are perfectly happy to spend their retirement years just visiting friends and family, reading books, catching up on old movies, taking long walks, cooking meals at home, all of which are very inexpensive pursuits.
The notion that you need nearly a six figure annual income to retire comfortably seems totally bogus.
I agree, a scare article. I live in Kansas (suburb of KC), have no debt (except CareCredit that I pay monthly with no interest for my dogs and dental), saved before retirement, Home paid off, car paid off, and am good to go. But, I don’t travel anymore and basically just hang out at home with my two pups so I don’t need a lot of money. Never been as relaxed, with absolutely no stress!
Unless you have to enter a long term care nursing home which coild cost about 120,000 a year.