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Do you have Retirement Confidence?

By
Real Estate Agent with Realty Executives Associates

43% of workers say they or their spouse have tried to calculate how much money they need to save for a comfortable retirement.

88% believe their spending in the first five years after retirement will be about the same or lower than in the five years before retirement.

18% could give the correct age at which they will be eligible for full Social Security retirement benefits.

66% plan to work for pay after they retire.

44% have an IRA with money saved outside of an employer's retirement plan.

30% of workers age 25-34 think they will need to save $1 million or more for retirement.

16% of workers age 35-44 and 15% of workers age 45-55 think they'll need to save $1 million or more. 

These statistics come from the 2007 Retirement Confidence Survey.

 

For the Top 5 401(k) flubs, check out this article on CNNMoney.com

For a more detailed look at the particulars of your situation, try this American Savings Education Council calculator.

 

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Dawn Rodriguez
HomeRun Title - Hollywood, FL
HomeRun Title - Title Insurance Company

Anona, I'm 36 (don't tell anyone), and I have already put in my head that I need at least 1.5 mil or more. Each year it seems like it gets more and more expensive to live, so by the time I'm ready to retire (50 would be nice), you'll need every penny you can get. My friend, who's an attorney, just started collecting and he gets $650 a month! What is that going to pay for?

Don't ask me how much of that 1.5 mil I need, I've contributed to! I gotta go now. Need to start making some of it so I can save it!

Feb 19, 2008 04:20 AM
Anona Large
Realty Executives Associates - Oak Ridge, TN
Oak Ridge, TN Real Estate
Dawn... I'm 33.  How much do we need to put away per month.  Somewhere around $650?  Seems impossible at times... lol. 
Feb 19, 2008 04:26 AM