{"id":1864731,"date":"2023-03-01T13:18:36","date_gmt":"2023-03-01T18:18:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1864731"},"modified":"2023-03-01T13:18:47","modified_gmt":"2023-03-01T18:18:47","slug":"americans-struggling-to-save-for-retirement-amid-economic-malaise","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-struggling-to-save-for-retirement-amid-economic-malaise\/","title":{"rendered":"Americans Struggling to Save for Retirement Amid Economic Malaise"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famericans-struggling-to-save-for-retirement-amid-economic-malaise%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1864731&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Biden economy: Older Americans struggle to save for retirement and are forced to stay on the job longer.<\/p>\n<p>The average amount of savings needed to retire comfortably is $967,000. However, according the Federal Reserve, the average retirement savings account balance is just $144,000.<\/p>\n<p>CBS News reports that 40% of retirees claim that they only live off income from Social Security. The average Social Security payment is $20,000 per annum. <a href=\"https:\/\/www.cbsnews.com\/news\/retirement-how-much-to-save-for-older-americans\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.cbsnews.com\/news\/retirement-how-much-to-save-for-older-americans\/&#038;source=gmail&#038;ust=1677773335039000&#038;usg=AOvVaw3oL2hn4_ZFM-_N4mew5Q49\">reported<\/a>. A Bankrate survey <a href=\"https:\/\/www.cnbc.com\/2022\/11\/04\/more-than-half-of-americans-behind-on-retirement-savings.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.cnbc.com\/2022\/11\/04\/more-than-half-of-americans-behind-on-retirement-savings.html&#038;source=gmail&#038;ust=1677773335039000&#038;usg=AOvVaw09kZitqg7bIXaXK6_QmTau\">Find it<\/a> The general retirement savings rate is below 55 percent for Americans.<\/p>\n<p>As inflation and rising interest rates continue to be a problem for many Americans, the outlook for retirement is bleak.<\/p>\n<p>A recent poll <a href=\"https:\/\/freebeacon.com\/?post_type=post&#038;p=1689246\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/?post_type%3Dpost%26p%3D1689246&#038;source=gmail&#038;ust=1677773335039000&#038;usg=AOvVaw2atV60Bp6DzCjBEC290uTK\">Find it<\/a> The largest number of Americans since the Great Recession is half saying they are less fortunate than they were last year. Bank of America Wednesday <a href=\"https:\/\/fortune.com\/2023\/03\/01\/bank-of-america-analyst-warns-fed-will-hike-rates-to-the-point-of-pain\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/fortune.com\/2023\/03\/01\/bank-of-america-analyst-warns-fed-will-hike-rates-to-the-point-of-pain\/&#038;source=gmail&#038;ust=1677773335039000&#038;usg=AOvVaw3VTjW1JWmC6PDJnk3ybdue\">Warned<\/a> Customers are notified by the Federal Reserve that they will increase interest rates &#8220;to the point of pain&#8221; Inflation shows no sign of easing.<\/p>\n<p>CBS News reported that seniors are being forced to delay their retirement due to the poor economic outlook.<\/p>\n<p><em>Daniel Fitzpatrick was a senior planner. His original goal was to retire when he was 60. Now, he&#8217;s 64 years old and still works. Fitzpatrick has a current income of low six-figures.<\/em><\/p>\n<p><em>&#8220;The benchmarks move as I get older,&#8221; Fitzpatrick said. Fitzpatrick stated that he wants to retire at 70. &#8220;look for something part-time afterward.&#8221;<\/em><\/p>\n<p><em>According to GoBankingRates. Georgia residents need to retire with $850,000. Fitzpatrick has approximately $850,000 in savings but regrets not starting to save as soon as he can.<\/em><\/p>\n<p><em>&#8220;If I had to retire and had to live on what I have now, I&#8217;d be much more worried,&#8221; Fitzpatrick said.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Older Americans are struggling to save for retirement in the Biden economy, pushing them to stay in the workforce longer.<br \/>\nThe post Americans Struggling to Save for Retirement Amid Economic Malaise appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":1613,"featured_media":1834433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[3884,4202,20064,7620,10011,5369],"class_list":["post-1864731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-americans","tag-economic","tag-malaise","tag-retirement","tag-save","tag-struggling"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1864731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1613"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1864731"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1864731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1834433"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1864731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1864731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1864731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}