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How Much Will You Need to Retire?

| April 12, 2012

Americans are living longer, healthier lives, and enjoying more years of retirement. That's a very good thing. But it means people will need enough money to pay for those extra years.

How much is enough for you? With so many factors to think about–health, housing, hobbies, to name a few–figuring it out can be a real challenge.

There are many tools on the internet that can help. A good place to start is the Ballpark Estimate calculator, created by the respected nonpartisan Employee Benefit Research Institute. It's easy to use, and gives you a quick estimate of how much you'll need to save for those retirement years.

EBRI' s calculator is part of its Choose to Save program, which offers many useful tips for future retirees. Check it out at www.choosetosave.org.

Retirement Realities, 2012

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| March 14, 2012

Each year the folks at the Employee Benefit Research Institute gather data on retirement across the whole country. EBRI’s 2012 Retirement Confidence Survey tells the story of retirement security today.

For instance, only 14 percent of Americans feel “very confident” they will have enough money to live comfortably in retirement. Sixty percent of households have less than $25,000 in savings.

The survey also shows more people expect to work longer: 37 percent expect to retire after age 65, up from 11 percent in 1991. But those plans don’t always work out: Half the retirees surveyed had to leave work earlier than expected due to health problems or downsizing.

For the complete survey, and a lot more information on retirement issues, go to www.ebri.org.