Thinking About Retiring?
Now? Then? Never?
ÒFifty-seven percent of adult U.S. workers have saved less than $100,000 for retirement, while 28% have saved less than $10,000, according to a survey released today by the Commission on the Regulation of U.S. Capital Markets in the 21st Century. The survey also said 29% of working adults think they will need to postpone retirement because they lack sufficient savings, while 46% think they will not have enough money to maintain their standard of living during retirement, according to a news release announcing the survey results.
The release also said 52% of working women and 39% of working men are uncomfortable about making their own retirement savings decisions, while 23% of working adults say thinking about saving for retirement frightens them.
"The commission's data highlights the distressing fact that many working Americans are unprepared for retirement, concerned and scared about their ability to retire, but still expecting to retire by the age of 65," Peter Gilbert, a commission member and CIO of the $30 billion Pennsylvania State Employees' Retirement System, said in the news release.Ó
The preceding was taken from the December 15 issue of Pensions & Investments Daily, a newsletter I get online related to pension management. It reflects how poorly prepared many, if not most, folks are to settle into true retirement status, that is, that state when there is no employment income coming in, only pension income, savings generated income and social security (if available.)
It is never too early to start planning; it is never too late to make an evaluation and formulate a plan or change course. But, ya gotta do it!