Are You Saving Enough for Retirement?

Ah, retirement! We don't know of many people who aren't looking forward to a day when they can choose what they'll do with their time without it being dictated by a clock! Notice we said what they'll do with their time. "Retire" doesn't mean what it used to. The Baby Boomers just now hitting 65 are likely to stay active for a very long time.

Add in the sobering fact that the "over 85 gang" is the fastest growing segment of the American population, and you quickly realize the importance of investing for MANY "golden" years!

Consider these amazing statistics: The average life expectancy in 1900 was 47 years old. Today, a person reaching the young age of 65 may expect to live nearly another 20 years…or more. According to the U.S. Census Bureau, there are already more than 60,000 men and women who have reached the century mark. By 2010, that number will more than double to 125,000. And by 2050, more than 800,000 living Americans will reach that magic 100!

It's no wonder that one of the biggest concerns we hear from people is the fear that they will run out of money during retirement. We hear from diligent savers who saw their tax-deferred retirement accounts decimated in the last bear market and were forced to put off retirement. Even more often we hear from listeners whose debts match or exceed their retirement savings – like callers who regret that they bought that third car or vacation home, and now all of a sudden they don't have enough for retirement.

We hear from retirees and about-to-be-retirees who figure they'll be fine as long as they never, ever get sick, because more and more insurers are dropping coverage of unconscionably expensive prescription drugs, and employers are asking both current employees, as well as retirees, to pay a higher share of policy premiums.

One caller from Wisconsin hit the nail right on the head. He joked that he had enough for retirement as long as he didn't eat from Wednesday till Saturday each week. Funny, until you realize the SAD truth behind that statement.

So no matter how old you are, you need to think about this most basic of questions: Are you saving enough for retirement? We're going to help you answer that question right now.