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Although some people claim that they never want to retire, the reality is that eventually health concerns will force them. A recent independent survey showed that only 43% of Americans have calculated how much they need for retirement. Of those that have a 401K available, as much as 25% do not participate. The average American spends 20 years in retirement. A major determining factor for most people is Social Security. Social Security pays you about 40% of your pre-retirement earnings. If you have had any opportunity to meet with seniors, you will see that if their only income is Social Security they are not doing very well. Some claim that Social Security will no longer exist in the near future. Many people think that they cannot afford to save for retirement. The fact is that it won’t happen for you. You must take the steps to make it happen. Even if that step is contributing 1% to your 401K, or setting aside $50 per month into an IRA or some other plan that gains interest. Even a little progress is better than none.
Ryan @ Planting Dollars
January 19, 2010 at 7:46 pmThe idea of never retiring is appealing to me, simply because I know people who retire early or before the average tend to die earlier. Retirement seems boring as well. I don’t fully understand people who can go golfing everyday or lounge on a beach.
Work doesn’t have to be strenuous and can be done with the mind mostly, especially when you’re older and have a ton of experience and wisdom to share. People often find purpose through work which is why they should do what they enjoy their whole lives instead of doing something they hate for 30 years then retiring from it. Doing something you enjoy your whole life by using your brain until you die seems much more productive and fulfilling.
Scott Reynolds
January 20, 2010 at 12:42 pmI also don’t know how people can be fully retired. I’m the type that needs to be doing something all the time. Full retirement doesn’t seem to be for me.
Thanks for your post.
Latisha
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