Ready for the golden years? 8 facts on retirement savings
NEW YORK (AP) — Americans planning for their golden years got a few more grey hairs last week when Washington floated the idea of curtailing the tax-deferred contributions that workers make to their 401(k) accounts. President Donald Trump quickly pushed back on the possibility, but a key Republican tax cutter responded by saying an adjustment to the 401(k) is still on the table.
The debate raises the question: Just how ready are most Americans for retirement?
Most people will need a combination of savings and Social Security to get by, money they might need to stretch over decades. Some are better able to save before retiring than others. And it's almost inevitable that as a person ages beyond 65, they'll pay more for health care.