Half of Americans Don't Have Enough Saved to Cover Basic Retirement Expenses. While it's not a pleasant thought, the fact is that most people are not on track to retire comfortably. In fact, half of Americans aren't even saving enough to be able to cover basic necessities during retirement, according to a recent Fidelity survey. However, hope is not lost. Fidelity estimates that 22% of retirement savers could make do with their retirement savings if they made modest changes to their retirement lifestyle. For 28% of the respondents, though, it would take significant lifestyle changes to make their income cover their basic expenses during retirement.
We grew up poor. I am a retirement saver and live significantly below my income. It drives Mrs. U nuts. My dad was the same way and my mother was killed in a car accident on their first post-retirement trip and then he had an aneurism and died a few years later. In Mrs. U's mind, 'all that time saving' was wasted. I remind her that neither of them stressed about finances as they entered their retirement phase. We've taught the children the same way and our son-in-law appears to be similarly motivated. I've watched scores of friends / family / acquaintances live large, spend like drunken sailors on vacations, stuff and crap -- only to end up broke and in bankruptcy as they approach retirement. I'm actually surprised that 50% can cover basic retirement expenses.
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https://www.fool.com/retirement/2018...-to-cover.aspx
https://www.fidelity.com/about-fidel...core-improving