Finance Quick Answers
Are most people financially prepared to retire?
Most baby boomers expect to retire by age 60, haven’t saved very much, doubt they will get all their Social Security benefits, and yet expect to live as well in retirement as they do now. They’re bound to be disappointed. One sure way to live well in retirement is not to retire earlier than you can afford to. Another is to find ways of mixing retired leisure with some form of continued employment. Today the typical American worker retires at age 62 and life expectancy at that age is 20 years.
Source: Peterson, P. (1999, July 15). Winning in tricky times. Bottom Line Personal,.7.
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Monday, July 28, 2008