Practically half of middle-class Individuals face a slide into poverty as they enter their retirement, a latest examine by the Schwartz Middle for Financial Coverage Evaluation on the New College has concluded. CNBC stories:
Roughly 40 p.c of Individuals who’re thought-about center class (based mostly on their revenue ranges) will fall into poverty or close to poverty by the point they attain age 65, in line with the examine.
The examine additionally concluded that if employees age 50 to 60 resolve to retire at age 62, 8.5 million of them are projected to fall under twice the Federal Poverty Stage, with retirement incomes under $23,340 for singles and $31,260 for {couples}. Additional, 2.6 million of these 8.5 million downwardly cellular employees and their spouses could have incomes under the poverty stage — $11,670 for a person and $15,730 for a two-person family.
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