CHICOPEE, Mass. (WWLP) – The number of Americans who are confident they’ll be able to retire is up slightly, but that obviously requires planning and saving. 22News spoke to people in western Mass. about retirement preparations and the possibility of always working.
They’re known as the golden years, the time off you’ll enjoy after years of hard work, relaxing, spending time with family, and maybe traveling. That is, if you’ve saved enough.
A new survey reveals at least one-third of Americans have less than $1000 saved for retirement. That means some people might be forced to go back to work later on; others may always need some form of employment even if it’s small part time jobs.
“I do have friends who are having to supplement their income. And I feel bad for them. I’m 70 years old and I really don’t want to be standing at a checkout counter just because I can’t make the rent,” said Judith Snyder from Ludlow.
Some people underestimate how long their retirement savings might have to last. And if you plan to do more than stay home and watch TV, how will you maintain the same standard of living?
“I’m planning on maybe moving away from coldness and going someplace warm would be more fun. Are we going to have a house payment? Are we going to sell the house? That’s the biggest living expense,” said Alan Gingras, who’s been planning his retirement for years.
The Employee Benefit Research Institute survey revealed nearly 70% of low-income workers have close to no savings, but the issue wasn’t specific to them. Workers from all earning levels admitted to neglecting their savings.