‘Start planning now’: Americans struggling to afford retirement

LINCOLN, Neb. (KLKN) – The number of Americans still working past the age of 75 is expected to nearly double over the next decade, according to the Bureau of Labor Statistics.

Experts said that’s because workers can’t afford to retire.

University of Nebraska-Lincoln economics professor Eric Thompson said saving for retirement is not a new crisis.

“It’s more challenging for people with moderate earnings, people who have a lot of responsibilities, people who have to care for things that don’t allow them to do extra work so they can save money for retirement,” Thompson said. “With retirement, the earlier you get started, the more advantageous your situation.” 

Channel 8 talked to a Lincoln man, who agreed that it is best to start planning early and said he’s saving through different ways.  

“I’m trying to make good investments through various vehicles like 401(k) and Roth IRA rates,” Mike Manning said. “Start planning now. Obviously, inflation might be going down, but the costs are going to rebound, so things are going to be more expensive.”

Thompson said despite the challenges, it is still possible to reach your retirement goals thanks to a robust U.S. economy.