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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by In its 2026 retirement survey, Clever<\/a> found that 64% of retirees believe the U.S. is in a retirement crisis. The average retiree has $288,700 saved but claims you need $823,800 to retire comfortably.<\/p>\n Why do so many see a retirement<\/a> crisis?<\/p>\n Also see five retirement shifts coming in 2026<\/a>.<\/p>\n Looming Social Security Insolvency<\/p>\n The Social Security Administration currently forecasts insolvency by 2032. If that happens, retirees could face a 24% benefit cut across the board, as detailed by the Committee for a Responsible Federal Budget<\/a>.<\/p>\n That fast-approaching deadline doesn\u2019t exactly reassure the average retiree.<\/p>\n High Housing Costs<\/p>\n Since the start of 2020, the average home price has shot up over 46%, according to Zillow<\/a>. Meanwhile, mortgage rates rose from under 3% to around 6% to 7% over the last few years. That has locked many retirees into homes that no longer fit their needs.<\/p>\n Housing costs<\/a> only get worse from there, according to financial strategist Shavon Roman of Heal Plan Invest<\/a>. \u201cEven homeowners who own their homes free and clear often see their property taxes and insurance premiums jump 30-60% in a single year,\u201d Roman said.<\/p>\n Healthcare Costs<\/p>\n Medicare doesn\u2019t cover every medical cost<\/a>, as too many retirees discover the hard way.<\/p>\n \u201cFrom doctor visit copays to prescription drugs, Medicare supplemental insurance to dental and vision costs, healthcare costs add up quickly in retirement,\u201d Roman said.<\/p>\n Long-Term Care<\/p>\n Even one or two years in a nursing home or assisted living facility can drain your entire nest egg.<\/p>\n The American Council on Aging<\/a> reported the average shared room costs $119,340 a year, and private rooms average $136,948. \u201cWith men spending 2.2 years in care and women averaging 3.7, we tell all of our clients that they are not ready for retirement until they have a plan for long-term care,\u201d said financial planner Jay Zigmont of Childfree Trust<\/a>.<\/p>\n Retirement Responsibility Shift<\/p>\n Two generations ago, retirees largely relied on pensions<\/a> and Social Security to fund their retirement. They didn\u2019t need to know much about asset allocations or safe withdrawal rates to retire comfortably.<\/p>\n Today, workers shoulder the responsibility for planning and funding their own retirement through investments. The Federal Reserve<\/a> graphed this shift over time, noting that only around 20% of workers now have access to a pension.<\/p>\n The problem? Too many workers and retirees don\u2019t know the first thing about retirement planning. \u201cAmericans must now navigate increasingly complex financial waters if they want a comfortable retirement,\u201d said Robert Johnson, finance professor at Creighton University<\/a>.<\/p>\n Word to the wise: The more you learn about personal finance, the more likely you are to enjoy financial success \u2014 or at least stay solvent in retirement.<\/p>\n","protected":false},"excerpt":{"rendered":"Zinkevych \/ Getty Images\/iStockphoto Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews…\n","protected":false},"author":2,"featured_media":317056,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,6271,61,60,174,175,6272,1611],"class_list":["post-317055","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-gobankingrates","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-planning","tag-retirement"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/317055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=317055"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/317055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/317056"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=317055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=317055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=317055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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