Is Work The Future of Retirement?

[Commonground]

http://moneywatch.bnet.com/retirement-planning/blog/money-life/is-work-the-future-of-retirement/541/
Mar 25, 2010

While working in retirement may sound like an oxymoron, it?s increasingly becoming an expectation among America?s workers who are realizing they just don?t have the money they need to enjoy a traditional retirement. This post summarizes these trends, and then goes on to address an important question: Is working in our retirement years a realistic expectation?
First, as you can see from the graph below, workers have been revising their expectations regarding the age they expect to retire. This graph summarizes information from the Employee Benefit Research Institute?s 2010 Retirement Confidence Survey (RCS), and show that the percent of workers who expect to retire after age 65 has steadily increased since 1991, from 11 percent to 33 percent in 2010.






What?s more, 24 percent of workers today plan to retire at age 70 or later, and 9 percent say they never plan to retire! (Perhaps they?ve read my recent post Does Working Longer Increase Your Lifespan?)

-snip-

 

[Commonground]

Re: Is Work The Future of Retirement?

from the article:

In a similar vein, the actual age of retirement reported by retirees has steadily increased, as you can see from the graph below, also put together from information in the Retirement Confidence Survey. In 1991, 19 percent of workers retired at age 65 or later, but that number has increased to 32 percent today.

 

[tropical]

Re: Is Work The Future of Retirement?

"be" reach and retire earlier ():


http://www.ehow.com/how_4415705_rich-make-million-retire-millionaire.html

How to Get Rich, Make a Million, and Retire a Millionaire <!-- google_ad_section_end() --><cite>
By David Sarokin, eHow Member

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1. Step 3
   ***Plan for Age 35***
   
   No savings yet? Time to get started, but you'll need to be more aggressive (happily, though, you're earning more than you did at 25, right?). Put away $671 a month, to reach a million at age 65. Even better, max out your 401(k) at $15,500 (in 2008), and you'll hit a million even sooner.
2. Step 4
   ***Plan for Age 45***
   
   What! Still no retirement account? Time to get going, but now you need to save big. Put away $1,700 a month, and you can still make a million at 65. Since you'll hit the limits on a 401(k), get started on an IRA as well.
3. Step 5
   ***Plan for Age 55***
   
   It's getting late, and you may need to consider postponing retirement for a few years. You'll need to be socking away $5,450 a month to reach a million in ten years. Not many people have the income to let them save at that rate. All the more reason to start young.

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