A survey finds people age 55 are ‘critically unprepared’ in retirement savings. Gen Xers who expect support in retirement haven’t told the kids…
“Silver squatters” is the term coined for people who expect to move in with their adult children and haven't told them yet.
The study found that 67% of 55-year-olds surveyed said they fear they will outlive their savings, compared with 59% of 65-year-olds and 52% of 75-year-olds. To that point, with just a decade until retirement, 55-year-old Americans have less than $50,000 in median retirement savings, the study reported.Those factors could lead to a rise in"silver squatters" who are forced to rely on family for housing and financial support.
The 2024 Pulse of the American Retiree Survey was conducted by Brunswick Group from April 26 to May 2, 2024, among a national sample of 905 American. "If you're asking them in the moment how much financial support they're going to need, they're looking at their kids on the one hand, and then they're looking at their parents on the other side," said Simon Blanchard, associate professor of marketing at Georgetown University's McDonough School of Business, who has done research on financial wellness. "It feels very daunting.
"This doesn't mean telling them 'I'm going to move in with you' or 'I'm expecting that you will supplement me financially,'" said Lindsay Bryan-Podvin, a financial therapist based in Ann Arbor, Michigan. "Your child has the gift of time," said Bryan-Podvin. Whereas the parent may experience job loss, poor health or other factors that may lead them"I think for so long, the default has been to buy a house to age in place and hope that everything works out," said Bryan-Podvin.
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