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comment by kleinbl00
kleinbl00  ·  1668 days ago  ·  link  ·    ·  parent  ·  post: Pension Funds Are Going To Be Destroyed In The Next Recession

And an exceptionally pithy summary of WSJ's "Unprepared" series, which I've been faithfully posting but for some reason Search isn't finding.

FUN FACT: the median retirement savings of a 65 year old in the US is $172,000. The average cost of living is $18,000. But the average retirement savings is $104k and the recommended retirement savings for 65 is $1m.

A consumer survey in 2018 found that 42% of respondents 65 or older had zero retirement savings. The maximum social security benefit (if you retire at 70) is $3700 a month. The average social security benefit is $1400.

You know what an "entitlement" is? It's something someone is owed. You know how everyone wants to balance the budget? "cutting entitlements."