Many Americans do not adequately save for retirement because of lack of information about its true cost. For instance, they might think they will spend less in retirement. But the Bureau of Labor Statistics found that “older households,” defined as head of household age 65 and older, spend approximately $46,000 annually in retirement (this includes housing, transportation, healthcare, food, personal insurance/pensions, cash contributions, and entertainment).
After college, I had an urge to go on a big adventure. We were in the early days of the global financial crisis and the supply of traditional entry-level jobs and paid internships had evaporated. So, in the middle of that economic storm, I decided to move to South America and become an English teacher.
Did you know that half of all monies spent on healthcare is spent during our retirement years? According to the New York Times, total healthcare spending for Americans 65 and older is about $15,000 per year — nearly three times that of working-age Americans.
There was record job growth in June, but National Women’s Law Center data shows that many women were left out of this economic rebound. According McKinsey & Company, women’s jobs have been 1.8 times more vulnerable to this crisis than men’s jobs.
COVID-19 has financially impacted the nonprofit sector, and many do not know if they will survive the crisis. Charities Aid Foundation of America surveyed nearly 550 nonprofits in 93 countries in March 2020, and 96.5 percent of respondents reported negative impacts related to the virus.