Almost half of middle-class Individuals face a slide into poverty as they enter their retirement, a current examine by the Schwartz Heart for Financial Coverage Evaluation on the New College has concluded. CNBC experiences:
Roughly 40 % of Individuals who’re thought-about center class (primarily based on their revenue ranges) will fall into poverty or close to poverty by the point they attain age 65, based on the examine.
The examine additionally concluded that if staff age 50 to 60 determine to retire at age 62, 8.5 million of them are projected to fall under twice the Federal Poverty Degree, with retirement incomes under $23,340 for singles and $31,260 for {couples}. Additional, 2.6 million of these 8.5 million downwardly cellular staff and their spouses may have incomes under the poverty degree — $11,670 for a person and $15,730 for a two-person family.