Are You Ready to Retire?

Jan 25, 2013 by

I came across this alarming—if unsurprising—graphic recently on my favorite investing oriented blog, Juggling Dynamite.

Ready to retire statistics

How do you compare to the answers for Americans overall shown above? Are you right in there with the majority who appear to have considerable planning and saving to do to reach their retirement goals, or are you “breaking the curve”?

Don’t Give Up Your Dreams: You Can Retire The Way You Want!

Though the numbers above mostly paint a fairly grim picture, my message is keep at it! For a big majority of us, we can spend less, boost earnings, invest smarter, and save more. It’s not too late for you.

Good finances are a bit like good health: Though some things are not within your control, your behavior and choices can and will make a gigantic difference in the outcomes. But neither good finances or good health happen automatically. You’ve got to take responsibility for learning and practicing the fundamentals that underlie success!

Start Learning About Money Choices Here!

Not to be too full of myself, but there’s a lot of information on this site that will help you make better money choices. Take a look at a sampling of posts in Categories that interest you (see the left side of the homepage). Then check out the sites in my Blogroll and my Resources and other links (to the right and down). That’ll keep you out of trouble for a while! :-)

 

Disclosure: Money Counselor received no compensation for this article.

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  • http://twitter.com/SenseofCents Michelle

    I find this interesting and kind of sad, but definitely not surprising. I hope that when I reach that point, that I am ready!

  • http://twitter.com/retirebyforty retirebyforty

    That’s pretty crazy, but expected. If you wait until you’re 50 to start saving for retirement, it will be much much more difficult than if you started in your 20s.

  • John S @ Frugal Rules

    These numbers are sad, but not really surprising at all. I think a major key is to start and start early! Even if it is in small amounts, the key is to start and allow time to do it’s magic.

  • Mr1500

    We need better financial education. It seems to be severely lacking, at least in the US. I had one consumer education class in high school that was 1 semester long and that was it. I believe that personal finance concepts should be taught K-12. Its never to early to start.

  • http://twitter.com/RFIndependence Pauline

    Great infographic. Impressive that a majority of people have under $100K saved up for retirement. I couldn’t sleep at night knowing I will soon be too old to work and can’t afford to stop.

  • http://mymoneycounselor.com/ Kurt @ Money Counselor

    RB40 and John S: So true. Compounding returns are savers’ secret weapon!

    Mr1500: I agree with you. And perhaps the education should include our national politicians!

    Pauline: I think these days a lot folks simply intend to work until they die, literally. Unfortunately, for many, gradually failing health over many years will put the kibosh on that plan.

  • Brick By Brick Investing

    My initial reaction was “unbelievable” but it is. I agree that retirement planning needs to start early but unfortunately individuals don’t start planning until it’s too late. Then they have to take on riskier positions in order to make up for lost time and that’s rarely a good thing.

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