What happens to old people who don't save up for their retirement?

+1 vote
asked Feb 21, 2019 in Other-Finance by david13667 (400 points)
What happens to old people who don't save up for their retirement?

1 Answer

0 votes
answered Feb 21, 2019 by Mickeymici (330 points)
Many older people do live and get by perfectly fine without a retirement savings and they do so by living off a pension check each month or their social security check each month if they qualified for either one of those.

Most older people may need to downsize their house and slow down on their spending and pinch pennies to live comfortably during retirement.

My dad lives on his social security and does just fine but he wishes he had put away some money in a retirement account so he'd have more money and not have to watch his spending each month.

But he's fine with it.

If possible though you you should do your best to put money into a retirement savings account or invest money which can give you lots of returns during your retirement.

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