Retirement Is Coming Sooner Than You Think, Plan for It Today
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Studies show that few Americans are even close to being financially prepared for a comfortable retirement. Consider these facts:
- Some 42% of Americans have zero saved for retirement, according to a 2018 survey by GoBankingRates.com. Even among older people, one-third of those age 55 or older have less than $10,000 set aside.
- Another survey found that 44% of Americans plan to work as long as possible at least partly because they need the money.
- The average 65-year-old U.S. couple will require $275,000 in retirement to cover medical expenses over and above what Medicare pays, according to a Fidelity Investments study. And that amount doesn't even include dentistry, over-the-counter drugs or nursing-home care.
- The average Social Security check is only around $1,400 a month, or about $17,000 per year.
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