(TheConservativeTimes.org) – There has been a growing conversation amongst Americans regarding the topic of retirement, and the money that it requires. With a longer life expectancy, many are worried that it may not be feasible for most Americans.
Most Americans hope to stop working by sixty years old, but they want to live to one hundred, which leaves four decades of retirement to pay for. It becomes a real issue when you consider how little people have saved up, not nearly enough to last them for four decades.
A survey from a financial services firm concluded that the average amount of retirement savings that an adult just five years away from retiring has is just short of $200K.
According to Bryan Pinksy, the president of the financial firm that conducted the survey, “100 is a very long and fulfilling life, and that’s pretty optimistic and great to see.” He continued, “That optimism and hope does come with a little bit of tension — only 27% are very or extremely confident that they won’t outlive their retirement savings.”
The survey’s findings show that many Americans are optimistic about retirement but aren’t sure if their funds will stretch the full time. Many have said that they don’t believe their funds would last even two decades.
One of the biggest issues that arise when setting up a 401K or taking money out is figuring out how long you will live after retirement; many people need to work on this and save too little. On the other hand, those who think they’ll live to see 100 might stash away too much for their retirement.
Experts said that saving early is key and to begin as soon as you can. They also said to revisit your retirement fund often, keeping it at the forefront of your memory and continuing to supply it. This conversation has quickly shown that retirement is almost a luxury for some people and only the wealthy who can afford it, will be able to take advantage of it.
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