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Article Summary from MarketWatch- Opinion: Half of Americans over 55 may retire poor

Article Summary from MarketWatch- Opinion: Half of Americans over 55 may retire poor


Article Key Points:


·         Over half of Americans over 55 may retire in poverty


·         Poverty is defined as having to live on less than $20,000 a year.




·         Loss of job due to COVID and an inability to get it back; many job losses are permanent


·         No employer contributions to 401K's


·         Inability to save due to the impacts of job loss and having to tap into savings to survive


·         Most vulnerable population are those who lose their jobs in their 50s, and unable to access Social Security or Medicare benefits


Mitigation Strategies mentioned:


·         Create a six-month emergency fund


·         Make full contributions to 401K, even if you do not get a match



·         Teresa Ghilarducci, expert on retirement, of The New School based in New York

o   For additional information from your local library or Amazon; here are some of Ms Ghilarducci's books

§ ; Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans (Columbia Business School Publishing) Hardcover – Illustrated, January 23, 2018

§ ; How to Retire with Enough Money: And How to Know What Enough Is


Date of Post: 11Oct20


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