On average, the households of people 65 and older ages 65 and older are living on $37,847 a year in the U.S., according to CNN Money. This represents only 60 percent of the annual income of people between the ages of 45 and 64. It is recommended that retirees save so they can live on 70 percent of the income they made in the workforce, but this figure falls short.
"It's clear that, nearly everywhere in the country, older Americans still don't have the kind of money coming in they need for a secure and comfortable retirement," Mike Sante, managing editor of Investing.com, told CNN Money.
This news is a sobering look at reality for people trying to save to retire comfortably. Many people are trying to ensure their golden years are good ones financially, according to Christian Science Monitor, which reported retirement savings are increasing across all age groups in the U.S. However, current efforts may not be enough.
Credit union professionals should start conversations about retirement with their members and recommend strategies for saving and investing that are appropriate to their respective life stages. People need an ally in saving for retirement, and credit unions can provide this.