Retirement Is Coming Sooner Than You Think, Plan for It Today

Retirement Is Complicated. It's never too early - or too late -- late to plan for and achieve your retirement goals . TheStreet's new premium subscription, Retirement Daily, will help you uncomplicate the world of retirement with the latest, news, research and analysis from TheStreet's "Mr. Retirement" Robert Powell and his team of experts. Learn more about Retirement Daily and get a free trial subscription.

The Reality

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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