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Marketplace All-in-One

Retirement anxiety is on the rise

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 6 May 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

A growing number of Americans are worried they won’t have enough money to live on once they reach retirement. Plus, a $79 million fine for selling “phantom flights” at Qantas, succession plans at Berkshire Hathaway, new health care access for DACA recipients, and Boeing preps for a spacecraft launch.

Transcript

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0:00.0

One in three workers have very little set aside for retirement.

0:06.0

I'm David Brancaccia. More than 60% of people over 50 are worried they won't have enough money to live on in retirement.

0:13.4

This from the latest Financial Security trends survey from AARP.

0:17.8

A third of people who are still working have saved less than $10,000 for retirement, Marketplace's Samantha Fields reports.

0:25.0

As people get closer to retirement, they often start to worry about it more.

0:30.0

David John at AARP says that's partly because it's becoming more real to them.

0:34.7

And people really aren't sure how much they're going to need or how to deal with that.

0:40.2

He says recent inflation has also heightened a lot of people's concerns about retirement.

0:44.5

They're especially worried about health care, unexpected expenses, and a key one is prices rising faster than their income.

0:53.0

Less than half of people have saved enough to maintain their standard of living in retirement,

0:57.6

according to Alicia Manel, at the Center for Retirement Research at Boston College.

1:02.0

She says that's one reason so many people

1:04.1

are concerned. In addition to that... It's in the public domain that Social Security

1:09.0

is not going to be able to pay full benefits beginning in 2034 and that has to be alarming to people.

1:17.0

About 40% of people get half or more of their retirement income from Social Security.

1:22.0

I'm Samantha Fields for Marketplace.

1:25.0

Retired workers got $1,900 a month from Social Security last year, and remember that's

1:30.4

taxable, that was an average. The Australian airline

1:34.0

Quantis will pay a 79 million dollar fine for selling people thousands of

1:39.0

tickets to flights that it had already canceled. Here's the BBC's Phil Mercer.

1:44.3

Quantis will pay a fine in compensation to passengers for allegedly selling seats on so-called

1:50.1

phantom flights. Australia's competition regulator had sued the

...

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