Almost 50% Won’t Have Enough for Retirement?
I was reading an interesting, if not frightening article the other day about a forecasts for how many Americans will not be fully prepared for retirement when the time comes. The number was way too close to 50%, let’s just say, which in my opinion in staggering. I think I’m actually one of the paranoid ones, afraid that I will retire and then find that my money runs out, so I’ve been saving since I was about 27, which is actually fairly early to begin according to some standards!
The studies/educated guesses further postulate that these same people will not have enough to live the same lifestyle as they did before they retired. Heck, most people look forward to having free time and being able to travel in their retirement and with this grim outlook, will that even be possible?
Now, before I scare you too much, that high percentage includes households which fall 10% or more below the projected amount of “nest egg” they need to live comparable lifestyles in retirement, which isn’t that bad, but it was unclear how many fall into that low category.
Save as early as you can! Especially if your employer contributes, it’s like throwing money away if you don’t contribute something!
