The Dangers of Not Saving for Retirement
An article, published in MoneyNews, offered some shocking, but ultimately unsurprising satistics:
46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)
40% of baby boomers now plan to work until they die. (AARP)
36% of Americans say they don’t contribute anything at all to their savings. [CNBC]
87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org)
Expected retirement age is up to 67 from age 63. (Zero Hedge)
Why are they shocking? I never thought it would be this bad, not to the point where also half of all future retirees were planning to work until their death.
Why are they unsurprising? Besides the AARP satistic, these are retirement updates that have been a long time coming. In truth, even with all the information out there about the lack of retirement preparation, many Americans are still not taking their retirement savings seriously.
Maybe they are, but working until the end of time does not seem like the best solution if it can be avoided. It’s basically saying, “I’ll never have enough, so I’ll just work, live paycheck to paycheck, and never have to worry about saving.”
It’s true that retirement has drastically changed in the last few years after the recession, namely, baby boomers who managed to plan but were wiped out regardless.
This shouldn’t discourage you from planning for retirement or retiring at all, though. In anything, it should force you to take action as quickly as possible (since things can change in an instant) and create a retirement plan around various income sources, not just the one that seems the most profitable at the time.
A solid retirement plan can mean the difference between a comfortable retirement and a less-than-perfect retirement. The choice is up to you.
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