Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Sep 30, 2009

Only 5% Can Quit Working by Age 65

Filed under: Economy — admin @ 12:23 am

This is from the seminar that I attended on market America last Saturday evening while my daughter was skating. Talk about early retirement so that you can start doing whatever you enjoy, it seems an unrealistic dream for the majority of Americans (95 – 28), 67% of them at age 65.

For every 100 people, by the time they should reach age 65,
1% become wealthy,
4% financially fit, do not need to work,
28% dead, without actually reaching it,
5% still working, out of necessity,
62% flat broke, not having enough to live by even if they work their butts off.

What a dreadful picture! I think of one of my neighbors who told me she had to work into her 70s. I can’t believe only a tiny 5% of Americans do not need to work by age 65.

I believe there are two main explanations — either the majority of Americans do not earn enough to enjoy early retirement or they do make plenty but equally do they spend that plenty. Simply put it, they have not saved enough from their earnings. I see too many cases that fit second explanation. It is rather disheartening if you are one of the working 65-year-old in America. But you got nobody to blame but yourself. One can always do better than this if one starts saving for retirement right after the first employment.

On the way home that night, I shared it with my daughter. “I will be one of the 5%, financially fit not to have to work way before that age,” said she. I am sure the thought of this will transform into the desired reality.

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