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Many American retirees have regrets about how they saved for retirement and are finding they are unable to maintain their pre-retirement standard of living. This has led many retirees to seek part-time jobs or accumulate additional debt to cover living expenses, along with tightening budgets and giving up luxuries, according to a new report from Clever.com.
$179,000
According to the report, "State of Retirement Finances: 2021 Edition," retirees have saved only about 39 percent of what they are expected to need to fund their retirement. The survey, which polled 1,500 Americans about their retirement funds, debt and financial worries, found retirees on average have about $179,000 in retirement funds, far less than the $465,000 recommended by experts, said the report.
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