Deciding when to retire is a conundrum. It’s scary not getting that paycheck every two weeks, but the freedom of retirement is something that most people dream of for years. It’s a very tough decision to make – especially if you haven’t adequately prepared for retirement.
Looking at the data presented in this article, most people stick to the idea that “retirement age” is still about sixty-five. A little more than two-thirds of Americans have stopped working full time by the time they turn sixty-six, and about half retire between the ages of sixty-one and sixty-five.
Now some of this is involuntary retirement, but a lot of it is people making a positive choice that they are done with the full-time work portion of their life.
The question is, are they prepared for it? Will they have enough income in retirement to fully support what they want to do over the next thirty years? Or will they just take Social Security and pensions they have coming to them and call it a day?
The vast (vast) majority of Americans fall very squarely in the latter group. Most people have not prepared at all for retirement, let alone adequately prepared.
The average household has a little more than $250,000 saved. But that number is wildly skewed – the median household has only saved $17,500, and 75% of households have less than $100,000 saved.
Everyone’s retirement income needs are different, but this is not enough to sustain the retirement that most people dream of.
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