Savings shortfalls among retirees underscore need for financial wellness help
A new report provides a picture of how financial health is connected to longevity on the job.
Financial wellness is a thorny issue for American workers as retirement savings have suffered in the last few decades of economic crisis and tepid wage growth. According to a report from Clever, the average retiree only has 39% of the recommended savings.
Health and wellness is a big driver of this economic insecurity, as medical bills are the leading cause for increased debt for retirees in the past year. In 2020, retires nearly doubled their debt load, revealing how the economic turmoil of the global pandemic has exacerbated retiree finances.
Workers can also face unexpected early retirement due to heath-relate issues, once again showing the interconnectivity of wellness and financial security for many employees.
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