This article looks at the 12 best places to retire in Finland. If you wish to skip our detailed analysis of the retirement savings shortfall, you may go to Despite countless retirement studies sending out the same message, the reminder to save more for retirement has yet to quite sink in for many Americans today. In a recent take, Morningstar, Inc.
(NASDAQ: ) used a retirement savings simulation tool to add to the conversation about the retirement savings shortfall amongst Americans. According to Morningstar, Inc. (NASDAQ: MORN), 45% of Americans will run out of money if they retire at the traditional age of 65.
The American financial services firm reinstates the need for Americans to save more and for longer, particularly in tax-deferred savings programs. For those who can take up this path, findings note that results have improved dramatically. For those who choose to delay claiming Social Security benefits till age 67, the retirement savings shortfall is likely to drop to 38% of the population.
Likewise, delaying it till 70 will likely result in a drop to 28% of the surveyed group, notes the study. Bottom line? Those who are unable to or are simply not participating in defined-contribution plans are in a retirement crisis. It is therefore no surprise that as of 2022, an estimated 6 to 8 million adults aged 65 or older live in poverty.
While many consider living with the bare minimum as their only option, many American retirees are leaving the US to stretch their limited re.