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December 06, 2023 at 01:19 PM
Related: 13 Scary Retirement Stats to Read in the Dark: 2023
Let’s face it: It’s easy to be glum about retirement readiness here in the United States.
According to a variety of measures, the average U.S. worker appears to be on track for significant retirement hardship, and many millions of Americans are facing a markedly lower standard of living after they retire.
Surveys show that even those who have accumulated substantial nest eggs worry about the potential effects of market risks and rising health care costs, while fears about the solvency of Social Security are also widespread.
Such issues present a real challenge for workers and financial advisors, but there are also causes for optimism in the data, especially when one looks beyond the average 401(k) balance and considers the bigger picture. That is, many Americans are preparing for retirement not as isolated individuals but as rather as married couples or members of multi-generational households that, taken together, control significant wealth and stand a good chance of enjoying a financially stable retirement.
Ultimately, Americans face a mixed picture when it comes to their retirement prospects, but it is important to highlight areas where things are going well, so that the success can be replicated and built upon.
In that spirit, ThinkAdvisor presents the following slideshow of merry retirement facts from 2023. The data points show just how committed Americans are to preparing for retirement, despite the challenges presented by rocky markets and high inflation.
Slideshow
