If your retirement plans involve traveling the world and bestowing expensive gifts on the grandkids, you might want to think again. A large percentage of Americans lack the necessary funds to secure any retirement, let alone a lavish one.
According to a 2016 report by the Transamerica Center for Retirement Studies, 47 percent of workers are only “somewhat” certain that they will be able to retire on schedule. Moreover, 51 percent of workers fear outliving their investment funds and savings.
From dealing with unexpected medical costs to supporting adult children, Americans often find themselves facing expenses they weren’t anticipating in their golden years. Here are 27 ugly but honest facts about retirement, and advice on how you can save more money for your future.