Saving for Retirement? Me Neither.
Fri 13 Apr 2007 – 22.30
Yes, I know it’s a good idea, but it’s just so hard to put away that cash when things like groceries stare you in the face every week.
From CNN Money comes the tale of how most people have less than $25,000 in savings — the key figure for retiring. This article has a lot of numbers in it, including some online calculation devices. Never too early to start thinking about eightyhood, or something.
Predictably, the youngest workers (ages 25-34) dominate this group - 68 percent of them have less than $25,000 earmarked for their later years. But so do half of workers age 35 to 44 and a third of workers age 45 to 55 and over.
Yea, we at twentyhood are defilly in the category. Here’s an even scarier reality:
All but the lowest earning men should have accumulated in a nest egg 12 times their income by the time they retire, EBRI estimates. That’s $900,000 for a man earning $75,000. A woman, because of a higher life expectancy, should have 14 times her income.
If you have the stomach, check out the article here
posted by Scott in life, personal finance.
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