I have no idea, but there are tons like that. I have friends in their 40s who were counting on retiring in 5 years but the union changed the retirement plan to 62. And they will not get as much as promised.
My mom worked for the state government so it was more secure. But within the state, it's a lot more stringent on the pension requirements, nowit's 62 and less than before.
She was grandfathered in at 55 and 2% per year of service = 70% of highest 3 years of salary. Most don't have that.
She even says how she's the last of the mohicans. That no one younger has what she has. And only people older. So older people NONE saved anything outside of pension, my aunt and uncle both were school teachers. Both are living well on their state pensions and SS, but neither saved a penny outside of the pension. They never saved into 401k or IRA.
But they make more now than they did while working. So I gotta believe poeple like them are skewing the numbers with 0 saved for retirement! But instead they are drawing like $10k/month in pension and SS.
And who couldn't live on that?
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