Will I Ever Be Able To Retire
March 14, 2012 by staff
Will I Ever Be Able To Retire, Americans get it. They admit they aren’t saving enough for retirement and are worried. According to the 2012 Retirement Confidence Survey published by the nonprofit Employee Benefit Research Institute, only a small fraction of Americans-14 percent-are very confident that they will have enough money to live comfortably in retirement.
The solution, oddly enough, is dealing with it tomorrow. The Scarlett O’Hara syndrome kicks in. They will keep working for pay after age 65 to make up for the shortfall. Some workers plan to never retire.
Researchers found that the percentage of workers who expect to retire after age 65 has increased from 11 percent in 1991 to 37 percent in the 2012 survey. This is troubling as a fallback retirement plan. It brings to mind two big questions–where will these jobs come from? And will they be hired at a certain age even if there are jobs out there?
Workers are laying their hopes on future jobs instead of trying to figure how much money they might need to live on in retirement, and save for it. Less than half of workers report they and/or their spouse have tried to calculate how much money they will need to have saved so that they can live comfortably in retirement. This is comparable to most of the percentages measured from 2003-2011 by the researchers. The 2012 survey also shows that workers often guess at how much they will need to accumulate, rather than doing a systematic retirement needs calculation.
This puzzles me on many levels. If workers are wringing their hands about how shaky they feel about retiring “comfortably,” and, if that equates to having lots of money in the bank, then why not take a crack at running the numbers out and make some changes in your lifestyle to make it happened? Studies have shown that people who make the calculation feel more optimistic and, importantly, manage to save more over time.
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