Will I ever be able to Retire?
Most Americans who are working today will not be able to retire at 62 or 65 like their parents and grandparents did. It simply costs too much money to live for 20, 30 or more years without working. Whether your retirement is being funded by a company pension, government workers retirement benefits, 401(k) and IRAs or a combination…it simply costs too much for companies, governments and your savings to support you for that long. It may not be fair, if you have worked all those years expecting those benefits, but it is the economic reality we all have to face. If you do not have a government or company pension and are relying on your own 401(k), IRA and other savings, it is really hard to save enough during your working years to support 30 years of retirement. On the other hand, retirement was never intended to last 20 or 30 years. The systems did not take increased longevity into account when they were created in the early 1900s and before. If your retirement plan does not work at a retirement age of 62 or 65, rerun the numbers using 72 or 75. Even if you only work part time after age 65, it can make a huge difference. If you like your job, it keeps you active and gives you a reason to get up in the morning. If you hate your job, start thinking about what you would rather be doing. Now may be a good time to start a business or dabble in something new. You won’t need to worry so much about retirement if you know you can always subsidize it.