“While respondents (whose ages ranged from 20 to 80) had median savings of only $25,000, their median retirement savings goal was $350,000. And 30% of people in their 60s — right around the traditional retirement age of 65 — that were surveyed had saved less than $25,000 for retirement. “
That quote scared me. 30% had less than $25,000!?! I can’t even imagine how these people feel.
When do you think you’ll retire? Do you plan on working a part-time job/gig while you’re in retirement?
I’m sure that I’ll be doing something, as I like to keep busy. I’d like to run my own non-profit or be heavily involved with a good animal shelter. I won’t be retiring for a REALLY long time, so it’s a little crazy to think about because it just seems so far away.
Related Posts
9 Early Retirement Stories That Will Motivate You- What Are Dividends & How Do They Work? A Beginner’s Guide
- What You Need To Know About Investing, Retirement Planning, and More
- 13 Best Early Retirement Books – You NEED To Read These Books
- What Is Estate Planning? Do I Need To Do This?
- How I Retired At Age 30 with $500,000
Lisa says
I think I will probably work part time in retirement. I have to keep busy too! Am I ready for retirement?? No. Not at All.
slugmama says
I spent the last 20 yrs. of my adult life as a SAHM. Hubs is retiring in just under 7 yrs from now at 60. Unless a disaster strikes between now and then, we'll have plenty to retire on and we are not counting any social security $ in that amount. Hubs might do some consulting on the side after he gets bored with being totally retired….at least I "think" he'll be totally bored. Me? I might have to go get a little job just so I can have some alone time and not kill him, as he'll be underfoot all. day. long.lolI know a couple almost 50 who just bought their 1st house. It was a foreclosure fixer-upper…the only house they could afford. But they used all their retirement money to buy it and are now scraping money together to fix it up so they can live in it when they retire. They have no savings now….because of the house and also back choices earlier in life(divorces for both, alimony paid, no child support for one, bad money habits, etc.)and bad luck. I can see this heading for disaster for them. While they may have a place to live, they will have no savings to LIVE off of and no money for property taxes and upkeep,etc.I wish them well but still….
Louise says
I can't imagine retiring permanently, I'd probably always be doing some sort of work as long as possible, even if voluntary.
Tanner says
I am not sure of when I want to retire. I actually enjoy working, so I will continue part time after I 'retire'. I just think I'd be bored to death (not a light threat at that age!) if I just stayed home. I would miss the structure and deadlines… I mean, after 40+ years of that, who wouldnt?
My money, my life says
That statistic was really surprising. I'm don't know exactly when I'd like to retire, but I think it'll be earlier than 80. I'd probably keep a part time job after retirement, if not only just volunteering for a nonprofit.
Rhitter94 says
At the rate the economy is going, never!
shoppingtosaving says
I'm hoping when I'm 60. REALLY HOPING! But I hope to enjoy life way before that and still work part time (hopefully at a job I enjoy).
Canadian Saver says
80 is CRAZY!!! I am hoping to retire between 58 and 60 but it depends on a lot of circumstances. I wouldn't be against staying on with my employer part time, about 2-3 days/week for a while after. Interesting article!
Florida Accountants says
With current economic scenario, one should forget retirement.
Rafiki says
I haven't put an exact age on it as yet but it is going to be early, but I guess I won't retire and do nothing, I'll do something that is easy, really flexible on time and brings me some joy.
Anonymous says
Retirement can mean anything you want it to….it might involve working, but at something else….that you enjoy. The key to being able to retire is money…no question about it. If you start saving seriously when you are young (like 25 or younger), it is actually easy to save a million dollars. So at age 50, when you suddenly get tired of doing the same old thing each day….you don't have to. You have freedom to do anything. I speak from experience, although I did not retire until 55. You can as well…just get serious about saving.
DNN says
with the potential to make millions of dollars online from affiliate marketing and blogging as a side hustle working from home, anyone to put their mind to making it happen with blogging and affiliate marketing can retire early and earning a 100% online living. 🙂