Your Retirement years may seem like they are a long way in the far distant future, but planning for this important time in your life needs to start early. You are likely to need up to 70% of your pre-retirement income in order to live comfortably when you retire, and up to a third of working adults don’t have any retirement savings to speak of at all and the average amount Americans have saved for retirement is $50,000 – a pretty paltry sum all things considered. Our debt-driven society focuses more on keeping up with the Joneses than retiring rich, and few people are being kept up at night by the thought of having nothing once they retire.

Social Security Income

Many people think that the government will just naturally support them as they age and then retire, but the harsh reality that is even if Social Security does survive long enough to support you in your dotage; it is unlikely to allow you to live in the way to which you are accustomed. Social security is unlikely to provide more than $35,000 annual income per individual which just isn’t enough to support most families. If you have any longer-term debts such as a mortgage remaining you will have a hard time living on this level of income.

Part-Time Jobs Aren’t a Choice

Many Americans are making the hard decision to go back to work at 65+ years old, because they are finding that they simply cannot survive on their retirement savings plus the small funds provided by Social Security. This can be much harder on aging bodies, meaning that you will incur even more medical expenses as you attempt to keep going at a rate of a much younger individual. This necessary income stream is something that seniors are relying on up into their 80s. Even if you’re able to work remotely, working at this age takes longer and is less productive than when you are younger and more agile.

Taking on Roommates

If you are fortunate enough to own your home outright, then you will likely be forced to either downsize or take on a roommate (or more than one) in order to keep your household costs under control.

If none of these scenarios sound like fun, then you should immediately start saving for retirement. No matter the age that you start, even at age 60, it’s not too late! Just keep saving and stay true to your plan, for even the payday loan lenders on pdlenders.com closes the door for you after a certain age.