Plan for retirement

A comfortable retired couple?

Couple Holding Hands on Beach Chairs

To get from here to there isn’t going to be as easy as we once thought.

Retirement funds are still a worry for some of the average working people.

Although the economy is on a bit of an upswing people are also coming to realize that retirement funds aren’t just going to come rolling in from nowhere.

People have to save and as they come to realize how much they are getting a bit nervous about retiring at 66 years old or whatever their retirement age should be.

Half of future retirees

Although about half of the people asked about retirement think that they will be OK the other half really isn’t sure at all and are facing the numbers that are needed to retire in an economy that has rising costs and lower income than previously available to retirees.

The New York Times talks about this as well and states that their similar numbers come from a company that did 20 minute phone interviews with 1003 working adults and 251 retired people with a 3% + – sampling error.

People aren’t saving enough money to retire in general and at least half of them have less than needed so far in their plan.

The point is that if you have an expense that comes up like a broken auto engine or a health bill that is not covered can you afford to pay for it right now?

60% – 40%

A figure of about 60% of people still working feel that they will need to be able to save 10% more money than they are now and the other nearly 40% feel that the number would be higher – near 20%.

A company, EBRI,  feels that just unreimbursed health expenses alone during retirement could be about $250,000.00.

If they still can based of health issues etc. , thirty six % of people working today will have to work past their normal retirement year.

Almost half of workers had to quit work for health reasons before a normal retirement age so that leaves them stuck financially to whatever extent that the money is lacking.

So folks, save your money and/or invest and plan for retirement a bit more that you had been and good luck.