According to Prudential Investments, Americans around the age of 55 are facing a “midlife retirement crisis,” lacking the funds for a comfortable post-working life. A recent survey by the major insurance provider found the average retirement savings of a 55-year-old to be $47,950. This falls significantly short of the recommended goal of having eight times a person’s annual income saved by the time they reach 55.
Further, the financial futures of certain cohorts—such as women—are especially precarious, Caroline Feeney, executive vice president and head of Prudential’s U.S. Businesses, via ‘Newsweek’. The upside is that, with the right planning and strategy to protect their life’s work, we can ensure this generation is well-prepared to live not only longer, but better, Caroline Feeney, executive vice president and head of Prudential’s U.S. Businesses, via ‘Newsweek’.
