Workers Fall Short of Retirement Savings Goals

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Just retired end of Jan. 2011 after 46 years with one employer. Up until very last second not sure if I could afford it, jumped and retired! I believe it is tuff for anyone to save. I had nothing given to me, parents just didn't have very much back then times were tuff like now. So you look ahead and plan for yourself sure won't be anyone else who cares if you have money, other then this goverment.
When do you have enough? My thought was when I'm 65 and still have good health. I wanted to spend more time with my children and grandchildren and use that savings to enjoy & afford was my reason.

Bill of IL 11:00AM February 05, 2011

How are the unemployed, delving into their nest eggs, supposed to accummulate enough retirement funds? I notice that a number of people posting comments are doing the "right" thing but getting the wrong results. No wonder people sit around and chronically dream of lottery windfalls.
Young people, time is your best friend now and will be your worst enemy later! Please start saving now even if it is a little bit and allow it mushroom. I am 52 years old and have to save one quarter of my income for retirement (which is approximately 15 years from now) in order to retire comfortably. I am "catching up" and it is painful. I hope that I do not lose my job or my good health because I will then be totally screwed to death.
When I was 22 years old, this older women noticed me, staring into my first paycheck. She abruptly told me to start contributing to my IRA or some 401K-like investment. I looked at her as if she had TWO heads. At 22 years old, age 65 seemed so far off and I was wondering why should I save now when I could just have fun now. Well I will do anything to rewind back to that moment and heed her advice. Today I encourage all young people to start saving, even if it is just change.

Karen of MD 9:23PM February 02, 2011

sounds like mt of texas is bragging. I'm sure there are alot of younger people that would love to have that amount of money to live on a dailey basis.

paul of OK 2:58PM January 11, 2011

I WISH I were in your financial shape! RETIRE!!! You have more than enough if you don't go crazy.

Eric of NV 2:42PM January 11, 2011

Its nice that the baby boomers can even think of retirement. the older generation had the luxury of being able to pick a vocation and work into it on the job. The greed and total lack of caring for the environment has led to a screwed up and polluted nation, that the younger generation will have to clean up. It's nice they could squander thier opportunities. Now some keep thier jobs, not out of need, but out of greed and narcisism these people do this at the exspense of a younger man or woman being able to get a good job and raise a family. I do feel sorry for the older people that didn't take advantage of thier opportunities. Because of thier peers greed they can barely live on what monies they get.

paul of OK 2:29PM January 11, 2011

I am 54 years old and am eligible for full retirement in 20 months from my job. I'll have 35 years of service. My retirement income will be, $36,000 a year for life, plus a supplement of about $250 per month, plus social security at 62 or older, plus a 401K of $300,000, and a personal savings of about $50,000. Now I think this should be enough to retire on for the rest of my life comfortably with no mortgage or bills. Is it enough???? I don't know, who does?

MT in Texas of TX 2:23PM January 11, 2011

ALWAYS! Put 10% of your income in the bank ...then pretend it's not there....
Don't use it to buy that new outfit or that bigger tv...don't use it to buy down a loan on a fancier car... pretend it's not there.
Set up a spearate savings account for emergencies... use that for unexpceted expenses and luxeries...
It's easier than you think, you just have to decipline yourself to live on less than what you earn.

LE of CO 2:12PM January 11, 2011

Well, it seems I am among those who did not save enough! Americans not saving, how about Native Americans? We were raised in poverty and will retire to poverty! So much for the American Dream!

Cleopatra of AZ 2:04PM January 11, 2011

After 37 years on the job, there was no need to continue and retired at 59 1/2. After all, wasn't that the talk of the town 12-15 years ago?!

JR of IN 2:02PM January 11, 2011

By saving and scrimping all my adult life, I've accumulated $486,000 at age 51. Then I was laid off in 2009. I scraped by on unemployment, worked for the Census Bureau and landed a great paying, but temporary job last September with a well-known insurance company; that job ended the day before yesterday.
So it's back to unemployment and it will kill me to have to live off my savings. I know others are in much worse shape, but I've done everything "right," or so I thought, and it's still a struggle.
I can't imagine how people think they'll get by on $300,000 in retirement, let alone $30,000. I calculate I'll need $900,000.

fern of CT 6:03PM January 01, 2011