Our friends at The Motley Fool published a recent post titled 10 Retirement Stats Every Baby Boomer Should Know. In her piece, Maurie Backman notes that leaving the workforce early may not be all that it's cracked-up to be. In fact it can be downright scary unless you've prepared like the Pro's.
Here are some amazing retirement stats (courtesy of Motley Fool) that might scare you into working longer:
Retirement Stats
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The average baby boomer has $163,577 saved for retirement.
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41% of baby boomers have no retirement savings at all.
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Social Security pays the average recipient $1,360 a month.
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One out of every four 65-year-olds today will live past age 90.
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Almost half of retired households spend more money, not less, in retirement.
RELATED: ONE IN THREE PLAN TO WORK DURING RETIREMENT
There are 5 more retirement stats that might scare you. To read them, click through to the original article.
Making Ends Meet In Retirement
Working part-time in retirement isn’t a new phenomena. Countless people take up new hobbies, volunteer, or decide to do the job they always wanted to do. But that’s voluntary work during your retirement years, (not a requirement to make ends meet). What we’re talking about today, are people that put-off retirement, or forgo it entirely just to put food on the table. – The Senior List, 4/12/2017
If you're thinking of retiring in the next decade, you'll want read our post on the most expensive areas in the USA to retire, and this post about Retirement Overseas. Retirement is an exciting time for many of us, but only if we're truly ready. Poor planning and/or poor execution of your retirement strategy can turn your golden years into stressful times.
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