Like every other contemporary trend, the many issues surrounding retirement today — especially its financial challenges — are now playing out in the world of internet memes.
Here are several memes that pinpoint the current mainstream American mindset about retirement and our ability (or lack thereof) to plan for the financial needs of old age…
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While nursing home care may not be necessary for an iron-pumping granny like the woman in this meme, long-term care becomes an essential consideration once a retiree develops a chronic condition, suffers a physical trauma, or loses his or her ability to perform basic self-care tasks. According to 2013 statistics from the Centers for Disease Control and Prevention, more than 8 million Americans receive long-term care each year.
The idea that saving early and often is key to retirement happiness is more than contemporary wisdom. Recent research from American University indicated the average 50-year-old has less than $43,000 in retirement savings, yet the average retiree spends well over $100,000 on health care alone during 20 years of retirement.
Related: 17 unexpected expenses in retirement
There are good reasons to buy life insurance besides the death benefit for loved ones, including the fact that it can provide a source of retirement income.
Americans may simply be overconfident about how far their employer-sponsored retirement plan savings are going to go. According to an April 2015 article in Forbes, which is based on a study from the New School, nearly three out of four Americans are not saving enough for retirement.
One reason for the shortfall in American retirement savings may be that consumers simply don't understand all of the financial tools available to them.
Related: 10 advantages of term life insurance
According to 2012 research from LIMRA, 85 percent of American consumers prioritize other expenses (such as their rent or mortgage) above their retirement savings.
Turning to a reverse mortgage for retirement income is generally a sign of financial stress.
