Delaware is often seen as a top retirement destination, ranking second in Bankrate’s 2023 list of best states to retire. While the cost of living can be high for retirees, factors such as low property taxes, combined state and local sales tax exemptions and affordable homeowners insurance help offset these expenses.
However, a report by Badcredit.org , a financial education website, uncovers a troubling trend: 59% of retirees who stopped working at or before the age of 65 believe they do not have enough funds for retirement. Despite investing in common savings strategies like using savings accounts, 401(k) plans, pensions, IRAs and private investments, many seniors still struggle financially.
A survey by Badcredit.org of over 800 Americans aged 65 and above found that 95% rely heavily on Social Security benefits in retirement. Another 78% of respondents said they were retired, but more than half admitted they didn’t have enough money to support their lifestyle. Those still working expect to retire around age 73.