1.29.2013

Retirement nest egg .... half a million short!



Boomers' Average Nest Egg Is $500,000 Short: Study
Excerpt:
Baby Boomers, forget about retirement. We'll be working for the rest of our lives. OK, that may be an exaggeration, but not by much. We have not saved enough money. And worse, many of us will still be up to our eyeballs in debt when we do retire. We're just one medical emergency away from bankruptcy. According to Boomers and Retirement, a new survey by TD Ameritrade, the average Baby Boomer is about a half-million dollars short on retirement savings. And 74 percent of Boomers in the survey say they will have to rely heavily on Social Security in retirement. (The average Social Security check, by the way, is $1,230 a month.)
Comment: My problem is knowing how much is enough. So the article ... "$ 500 K short" ... and I am wondering "short of how much"? Is a million enough? $ 600K? I think we will have enough. I think my SS check if I retired today would be above the average by a bit.

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