31 million Americans dip into retirement savings during COVID-19 pandemic
Workers also contributing less to retirement funds; Fox Biz Flash: 5/27.
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Saving enough money to retire is not always easy, especially in the midst of a global pandemic. Living out retirement on what you’ve managed to save is no different.
Aside from careful budgeting, there’s one thing that could help ease the burden: location.
Researchers in a U.S. News analysis compared the country’s 125 largest metro areas, taking into account housing affordability, taxes and access to health care. The data also incorporates a survey of 2,541 people ages 45 and older about their retirement preferences.
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Here are the top five ideal locations to retire:
1. Fort Myers, Florida
Share of the population age 60 or older: 34 percent
Median monthly mortgage cost: $1,377
Median monthly rent: $1,035
2. Sarasota, Florida
Share of the population age 60 or older: 38 percent
Median monthly mortgage cost: $1,436
Median monthly rent: $1,089
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3. Lancaster, Pennsylvania
Share of the population age 60 or older: 23 percent
Median monthly mortgage cost: $1,482
Median monthly rent: $957
4. Asheville, North Carolina
Share of the population age 60 or older: 28 percent
Median monthly mortgage cost: $1,244
Median monthly rent: $849
5. Port St. Lucie, Florida
Share of the population age 60 or older: 32 percent
Median monthly mortgage cost: $1,392
Median monthly rent: $1,074
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Nearly 40 percent of Americans age 50 to 59 had less than $50,000 saved for retirement, according to data from a 2020 TD Ameritrade report. And some adults juggling retirement with everyday expenses may not have a steady stream of income to keep them afloat.
The unemployment rate among those ages 55 and older has jumped from 3.3 percent in late March to a striking 13.6 percent in April, the Bureau of Labor Statistics reported.
Data from finical firm Fidelity said the typical 65-year-old woman retiring in 2019 would need $150,000, while her male counterpart would need $135,000. For a couple, that’s $285,000.
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