Almost two thirds of preretirees at the lower end of the income scale, 64%, will run short of funds after only 10 years in retirement, according to the latest figures from the Employee Benefit Research Institute.

Wealthy people are at risk too. Some 13% of people in the highest income bracket will have to significantly downgrade their standard of living within 20 years of retirement, and the same is true for 29% of preretirees at the next income level. One of the biggest risks, aside from not being able to cover basic living expenses, is covering healthcare costs beyond what Medicare covers, EBRI says.

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