Only 1 in 5 workers nearing retirement are financially on track: "It will come down to hard choices"
CBSN
The rule of thumb for people who are 55 and have another decade of work before reaching the traditional retirement age is to have already socked away about eight times their salary in their retirement accounts. But the median savings of today's 55-year-olds is just $50,000, far from enough to fund a secure old age, according to a new study.
In fact, only 1 in 5 people who are 55 years old have $447,000 or more saved for retirement, or eight times the average U.S. salary, Prudential Financial's 2024 Pulse of the American Retiree Survey found. The report jibes with another recent study on Gen X's retirement readiness, which found half of those surveyed believe it would take a "miracle" for them to be able to retire.
The new findings come as the oldest members of Generation X, or people born between 1965 to 1980, are now entering their pre-retirement years, giving them a short period in which they can shore up their savings before stepping back from work. But many who are already lagging behind those savings milestones may end up unprepared — at least financially — for retirement, given that it would likely be difficult, if not impossible, to build a sizeable nest egg in a just a few years.
The Food and Drug Administration said Wednesday that the U.S. food supply is still "one of the safest in the world," in the wake of a number of foodborne disease outbreaks affecting items ranging from organic carrots to deli meats to McDonald's Quarter Pounders. E. coli, listeria and other contaminants have sickened thousands of people and forced a number of recalls in recent months.
An Indian businessman who is one of the world's richest people has been indicted in the U.S. on charges he duped investors by concealing that his company's huge solar energy project on the subcontinent was being facilitated by an alleged $265 million bribery scheme.
We just had another election with a clear and verifiable victor, overseen by hundreds of thousands of election officials. Those public servants have suffered years of harassment, and despite their successes, are still being accused of taking part in a massive and impossible conspiracy — a conspiracy led by the party out of power to steal an election and cover up all evidence.
Giraffe populations are in trouble — and the U.S. Fish and Wildlife Service on Wednesday proposed listing three subspecies of the tall animals as endangered and two species as threatened under the Endangered Species Act.
A village in Sardinia, Italy, called Ollolai, is dangling an offer it says is for politics-weary Americans in search of a reprieve: houses for next to nothing.
President-elect Donald Trump has vowed to start the largest deportation effort in American history — his signature 2024 campaign promise — as soon as he takes office, signaling this week that he would enlist the help of the U.S. military for the massive operation to deport undocumented immigrants.
Washington — The House Ethics committee, meeting to consider the release of a report on its investigation into former Rep. Matt Gaetz, did not reach an agreement on Wednesday afternoon, the committee chairman said.
McDonald's customers may have to go elsewhere for now if they have a yen for frothy caffeinated drinks.
President-elect Donald Trump is expected to name Russ Vought to lead the Office of Management and budget, according to two sources close to the transition.
Washington — Former Republican Rep. Matt Gaetz is meeting with senators on Capitol Hill on Wednesday as he seeks to shore up support for his nomination for attorney general amid calls for the House Ethics Committee to release a report on allegations he engaged in sexual misconduct and illicit drug use.
Thanksgiving dinner ingredients will cost more this year compared with last, even as food inflation cools. Fortunately, there's one simple way to save money without skimping on staple dishes for the food-driven holiday: store brands.