If you're not raising kids in retirement, you don't have to worry about having enough money to retire—so there's no retirement crisis.
That's according to Andrew G. Biggs of the American Enterprise Institute, who said in a recent blog post that parents don't have the same expenses in retirement that they did during the years they were raising their children, so it's far easier to "maintain the same standard of living in retirement that you had during your preretirement years."
Biggs pointed out that financial planners look to replace just 70–80 percent of working-years income during retirement, instead of 100 percent, because "many costs that exist during your working years … disappear once you retire. Paying off your mortgage is one. Contributions to your 401(k) are another. As are job-related costs, such as commuting, meals and work clothes."
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