Have you been fearing that you will be living in poverty in your golden years because news articles and studies have long stated that Americans do not know how to save or don’t save enough?

In 2002 the Economic Policy Institute study reported that 40% of households then aged 47-64 would retire on less than half their pre-retirement income, and 20% would have retirement incomes below the poverty line.

In 2022, there are not 40% of households living on half of their pre-retirement income, but 10%, and the predicted 20% living below the poverty line is only 8.6%.

How did these households avoid the seemingly inevitable failure in retirement they were told they would experience?

  • They began saving, no matter how “little” it seemed they were saving.
  • They opened retirement accounts.
  • They funded those retirement accounts.
  • They participated in retirement plans offered through employers.
  • They planned.
    • They asked their financial advisors and planners to help them make the right decisions to get to retirement in a way that would bring them peace.
    • Even optimizing your social security benefits based on when you begin to draw can have a huge impact on your retirement.

Please reach out when you have questions, we’re here to help!


Biggs, A. (2022). So far, retirement crisis is a “no-show” – aei.org. https://www.aei.org/op-eds/so-far-retirement-crisis-is-a-no-show/

Wolff, E. (2002). Retirement insecurity: The income shortfalls awaiting the soon-to-retire. Economic Policy Institute. https://www.epi.org/publication/books_retirement_intro/