Workers Failing to Save Enough for Expected Retirement Lifestyle
This piece summarizes a survey of pre-retirees – those in their 50’s – and young retirees – 55 - 70. No surprise, we’re not saving enough for retirement. Nothing really new here, but it’s a decent rundown of how some of us in the geezer/near-geezer class are preparing for retirement. Some highlights:
“While pre-retirees surveyed expect to need $800,000 for retirement, they have saved only $300,000”
“People have been overly optimistic about their investment returns.”
The most surprising points:
“Less than half (40%) wish they had been more proactive about educating themselves about retirement preparation.”
“Half (49%) of pre-retirees wish they had started saving for retirement earlier in life.”
I don’t know how this survey was conducted, but I absolutely do not believe those last two percentages are that low. I crossed the half century mark last year – everyone I know near my age wishes they had started saving and learning earlier. I suspect the average age in Fooldom is quite a bit lower than the group in the survey and it's good to see so many here with an interest in investing getting started early.
My guess is very few will reach my age and say, ‘darn, I should have waited longer to start saving and investing’ or 'I put away too much.'