Wednesday, July 11, 2012

Are You Prepared to Retire at 70?

With the economic climate and recent struggles, studies are showing that this "today's worker" will need to work longer than their parents. But how much longer? A study was performed using the National Retirement Risk Index which measures the number of households "at risk" of being unable to maintain their pre-retirement standard of living in retirement. The result? 23% of U.S. households feel they need to work an extra 1-3 years after 65 to attain readiness for retirement, 17% would need 4-6 years, and 9% would need 7+. So no, we don't have to work FOREVER. But it doesn't hurt to be prepared to get in a few extra years of hard work. Are you prepared? For the entire results of the study, click here.