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How much will people have to get by on in retirement? Have they saved enough? If they haven't, will they still get by?
According to a report in The Conversation, the true cost of retirement living is higher than people are being led to believe (even if they are feeling panicked about the cost of health care as they age), and a new scale of accounting for how much money seniors will need to live independently in retirement paints a bleak picture.
A team at the University of Massachusetts Boston has devised the Elder Index, a measure of how much income older people need to maintain independence and meet their daily living costs while staying in their own homes.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
