On Bauer Business Focus—A conversation about challenges facing retirement with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
Many Americans near retirement still haven’t completely recovered form the 2008 recession, presenting them with anxiety about their futures.
Cheryl Matheis, AARP senior principal and counsel, recently stopped by Bauer Business Focus to discuss the current state of retirement a recent study conducted by AARP.
AARP’s study aimed to find out anxiety levels of those nearing retirement, how much they had saved and recent financial history.
“We just came through a big recession and a lot of folks have not really recovered,” Matheis said. “If you’re talking about people who were close to retirement at the beginning of the recession, they didn’t have the opportunity to take their investments and let them see the subsequent rise in the stock market.”
Matheis and AARP are encouraging people of all ages to use financial planning and tools to prepare for retirement. AARP’s retirement study showed that there is a high level of Americans who have saved very little, Matheis said.
“The most stunning thing we found is that overall one in four people had only $5,000 saved for retirement,” Matheis said. “When you looked at the women in the cohort, it was one in every three. “