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Looks like people in their 30's are the most realistic.
Quote:
Middle class Americans in their 30s seem to have the most realistic overall outlook for retirement.
People in their 30s who have access to a 401(k) or equivalent plan are currently saving a median of 6% of their income, 1 percentage point more than those in their 20s and 40s, and they estimate needing a median of $500,000 for retirement, the highest estimate of all the age groups surveyed.
In addition, more than a third (34%) of those in their 30s have a written retirement plan, the highest response rate among all the age groups surveyed. Also, these plans are detailed in that they are most likely to include a budget and healthcare cost estimates.
Thirty percent of middle class Americans in their 30s have confidence in the stock market as a place to invest for retirement, the highest confidence level among all the age groups surveyed, while only a third of women in their 30s (the smallest percentage of all surveyed) say they won’t invest due to fear of losing their nest egg in the “ups and downs” of the market.
“On a comparative basis, people in their 30s appear to be more aware of what the variables are for a successful retirement. They seem to know that having a plan, saving more and trying to overcome fear of the market are the keys to success. The bottom line is if people can plan and control their household spending and savings and become more self-reliant in their pursuit of retirement, they will put themselves in the best spot,” added Nordquist.
I am in my 30s and very aware of investing and choosing to make smart decisions.
I know many people that choose to live above their means and not save. I know people that choose not to participate in a 401K despite a GREAT matching program.
P.S. $500,000 probably won't be enough for my generation. $500,000 will be cut roughly in half by inflation by the time people in their 30s are in their 60s.
Looks like people in their 30's are the most realistic.
"Retirement" is an artifact of my parent's generation. My grandparents all worked until they died. This was the norm prior to the implementation of social security/medicare. My grandparents seemed to be productive and live fairly long lives by working.
I personally could retire today. However, the purpose of a life is not to grasp the "brass ring" of retirement, only to find that there is nothing after that "goal". Work is stimulating and gives one a purpose in life. Heck, I even work for "recreation" on my farm on days off.
Take more vacations along the way and just work longer- it is not a big deal. Anxiety is created when people worry about whether they are going to achieve thier retirement goals or not. Why not simply keep working and eliminate that componant of anxiety and stop worrying about whether you have enough money or not?
Working longer might be ok for desk jockeys. But there are many of us in trades and physical jobs who might not be able to work in old age. Elimination of defined pensions have created this retirement crisis. Now that people have to fund the majority (or all) of their retirement, many will come up short.
"Retirement" is an artifact of my parent's generation. My grandparents all worked until they died. This was the norm prior to the implementation of social security/medicare. My grandparents seemed to be productive and live fairly long lives by working.
I personally could retire today. However, the purpose of a life is not to grasp the "brass ring" of retirement, only to find that there is nothing after that "goal". Work is stimulating and gives one a purpose in life. Heck, I even work for "recreation" on my farm on days off.
Take more vacations along the way and just work longer- it is not a big deal. Anxiety is created when people worry about whether they are going to achieve thier retirement goals or not. Why not simply keep working and eliminate that componant of anxiety and stop worrying about whether you have enough money or not?
I utterly agree with Hawkeye.
I believe my father was the first male in his family to retire (mainly because he did not like being a lawyer, which his father, also a lawyer, steered him into). Fortunately, he lived some 20 more years happy and carefree.
However, I have known many who enjoyed work and never retired till Death came calling. At my first real job, in the early 1970s, I worked at an ice house, which entailed moving about 300 pound blocks of ice, and 50 pound bags of ice. Every man (four) in that ice house was in his 70s or early 80s. While I was delegated the job of the very heavy chores, each of those gentlemen could still toss around those 50 pound bags. One told me that he had been doing so for 60 years, and he simply knew how to leverage the bag.
When the ice house closed (around 1977, a few years after I left), each of those four men had to retire, and all soon died (the last in 1980).
I keep hoping for an appointment to the Supreme Court of the United States of America, since Justices (who enjoy their work) seem to live surprisingly long. I would also appreciate having a summer recess, as I used to have as a child and youth.
Im 47 lost my azz on the last market implosion. Im pretty sure I will be late for my funeral B/C I will be working
My 401K lost 70% of it's value in the "last implosion", but I had the cash on hand to take advantage of that and made a lot of money. Saving is the key to a good retirement and anyone can have that if they develop a plan and stick to it. We have no debt, put 2 kids through college with no student loans and (like our parents who did the same thing) planned for our future. Don't ever think you can't do the same. Diversity of investment is key.
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