Americans used to be able to look forward to a good retirement. Sadly this is no longer the case. According to Kiplinger if you manage to save a million dollars by the time you want to retire you will have about $40,000.00 a year to work with. If you save for retirement for 40 years you will need to put away $25,000.00 a year (not counting inflation). Wells Fargo recently conducted a survey stating that 20% of pre retirees reduced their retirement funding in 2009. Unfortunately the bad news does not end there. For the first time since the 1980s the Social Security Administration is paying more in benefits than it receives in payroll taxes. All of this does not bode well for would be retirees or anyone else.
These statistics should be frightening to anyone who is not a millionaire, or anyone who is counting on a Social Security check. Posted below is a funny video that accurately describes the current state of retirement prospects.
At this point I have pretty much accepted the fact that I will work until I drop dead. Does anyone else out there feel the same? Please feel free to share your opinions by leaving a comment.