By Jessica Boehm | YourValley
Metro Phoenix’s affordable prices and climate once made the region one of the most popular places for retirees to spend their golden years.
- But rising home prices, nation-leading inflation and a lack of retirement preparedness have put many older Arizonans in a tight spot.
Why it matters: Many Americans who haven’t yet retired say they’re unprepared to do so and unsure how to prepare, according to a new Axios-Ipsos poll.
- And Arizona’s sudden cost-of-living increase has moved the goalposts for people who thought they had saved enough to maintain their pre-retirement lifestyles.
What’s happening: The generation retiring now is the first to have to rely on private savings instead of the more secure pension plans their parents and grandparents had to navigate retirement.
- People without hearty 401(k)s or IRAs are likely relying entirely on Social Security — about $18,000 a year for the average 65+ family, per AARP — which is not enough to afford basic living expenses in now-pricey Phoenix.
