Eight major concerns Americans have about retirement

Although some experts say that one needs to save at least $ 1 million for retirement in the United States, this is only in theory and it is difficult for most people to reach this level.

In reality, 18% of Americans aim to save a million dollars for retirement, 21% aim to save between $250,000 and $500,000 for retirement, and 29% aim to save less than $250,000 for retirement.

In order to save an ideal amount of money for retirement, how much of your income should be used for retirement savings? 20% of people think that 20% to 29% of their income should be used for retirement savings, and 23% think that this is not enough and more than 30% is needed .

Most Americans can only sigh in despair at such a high retirement savings ratio. In fact, it is considered lucky for a family to spend 10% of its income on retirement savings, and only families who know how to live can do so.

6. Unexpected medical expenses. When people retire, the first thing they need to do is to solve the problem of food, clothing, housing and transportation. The so-called leisurely retirement life means that after having enough food and drink, they must have the financial strength to do what they like or travel around the world.

Traveling around the world is a big expense. If your income after retirement is not very high, this more luxurious expense in your later years can be omitted. If traveling around the world is not possible, strolling in your own yard should not be a problem.

After retirement, Americans generally do not worry too much about basic living expenses such as food, clothing, housing and transportation. The survey shows that only about 16% of people feel insecure about whether they will have enough money to meet their daily needs after retirement. The most worrying thing for Americans in retirement is medical expenses, which is the key. People get sick more often when they get old, and people cannot predict how much medical expenses will cost.

29% of Americans are worried about whether they can afford medical expenses after retirement, and 39% are unsure about the cost of care in their later years. Although American workers will enjoy government-provided medical insurance after the age of 65, some deductibles are also a burden. A research report by Findlay Investment Company shows that in addition to the medical expenses covered by medical insurance, the average amount of medical expenses that a 65- year-old retired couple in the United States will have to pay out of pocket for the rest of their lives is between $ 227,000 and $240,000 , and this does not include the cost of long-term care.

Therefore, medical expenses and long-term care expenses after retirement are expenses that the elderly cannot ignore. The solution, of course, still relies on money. People will purchase medical insurance and long-term care insurance with low deductibles, which requires good financial planning before retirement.