Americans weighed in on whether a comfortable retirement is out of reach as experts warn of a blooming crisis.
Florida residents gathered at the Flying Biscuit Café in The Villages on Friday and shared their thoughts on the cost of living and whether a stable retirement is unattainable amid the country’s raging inflation.
One Florida resident by the name of Lisa said that she sees herself “working and working” due to “everything” being “expensive.”
“You have to work harder, longer hours, more shifts just to cover everything,” she stressed to FOX Business’ Ashley Webster.
She went on to add that there’s “zero” ability to save.
Findings from the Allianz Life Insurance Company of North America show that U.S. households are draining their retirement savings, taking on debt and reducing the amount that they are setting aside for the future to maintain their present-day finances.
Another resident, Roger, who recently retired at the age of 80 after owning his business, said that he sees a lot of people working longer even though they may not want to.
“I see people here who are cashiers and who are working as waitresses, and people all over to get an odd job just to supplement their income,” he told Webster.
That is not the case for all Americans, as one woman who retired at 55 detailed her experience.
“I did a lot of planning to set a goal to retire early, and I was lucky to work for a good company and was able to do it,” she explained.
“We bought our house in The Villages fairly young, so that when we retired, it was paid off. So that helps,” she said.
The Village resident mentioned that her husband continuing to work allowed her to retire earlier.
“Life is good,” she added.
Concerns regarding retirement savings have grown in recent years.
A recent survey by Northwestern Mutual suggested it would take $1.46 million to comfortably retire.
