As I was preparing for this post, I saw Prudential’s 2016 retirement study stating that 54% of Americans nearing retirement age have no idea how much money they will need for those 20 or 30 years after retirement.
The study also states that 54% of them nearing retirement age have only $150.000 retirement saved for retirement; this is nowhere near enough cash to live on for 20 or even 30 years of retirement.
After working for a number of years we usually look forward to the time when we retire, having worked for 30 to 40 years we look with eager anticipation for a comfortable retirement.
But older workers are finding that it is very hard to retire at the age of 60-65 After four decades in an office or a factory because their savings have been wiped out or they do not have enough savings to live on during retirement.
It is advised that we need to be prepared to live 30 years without employment as the new life expectancy is 90 years.