From the LA Times today.
Many Americans say they will have to work until they're 80 - latimes.com
Forget about retiring at age 55. Or 65. Or perhaps even 75.
One-quarter of middle-class Americans fear they will have to work until they're at least 80 years old to afford a comfortable retirement (if "retirement" is even the right word, given that many of these people may never actually retire)....
The average person has squirreled away a mere 7% of their hoped-for retirement savings -- a median of just $25,000 versus a desired goal of $350,000, according to the survey. Three in 10 people in their 60s have less than $25,000, suggesting they'll have no choice but to live on Social Security.
The poll found that 37% of people have no retirement savings, and more than half of them have socked away nothing for their children's college educations.
The survey of 1,500 Americans was conducted from early August to late September.
1/2 of those surveyed have only socked away a median of $25,000. Wow, just wow. I started my first job out of college in 1979 earning $17,500/year. I think by the time I got married 5 years later, I had at least that much, if not more in IRAs/401Ks.
All you guys here in your 20's and 30's if you aren't putting something away religiously for your retirement, this is what will happen to you. Start early, the magic of compound interest is what will carry you. Even in today's piss poor market. Unless of course you believe some on the Board who think it won't matter in the long run.