retirement – akaemi.com
 

retirement

| Posted in general complaints, money

I was recently reading an article about Americans readiness for retirement, and it greatly disturbed me. For the sake of most Americans, I hope the stats are skewed, or that there is something that I am missing.

The article states that:

“58 percent of workers between ages 45 and 54, and 56 percent of those age 55 and older had less than $50,000 in savings.”

Now, this is strictly talking about 401ks, IRAs, and other retirement accounts, so I suppose these baby boomers might have some really amazing pensions, or they may own a multi-million dollar home that they plan on trading in for something more modest, or perhaps they plan on retiring at the age of 75. I don’t know the ins and outs of the social security system, but it doesn’t seem to me that any government assistance would really be enough to live on. Well, not unless you’re Canadian.

My dad falls into this camp – or close to it – but he was Enronned. Literally. By Enron. (Thanks to a class-action lawsuit, he will soon be receiving a penny for every dollar that Mr. Lay borrowed. Such a nice man, that Mr. Lay. He surrounded himself with such upstanding people.) Luckily, my dad’s a union man, so he has pensions and whatnot, but even then, he’s had to seriously rethink his retirement. Like the early retirement he was going to take so he could run a b&b, or start a music career, or finally become a seasoned world traveler.

Retirement should be a fun time. After years of working for the man, retirement should be a time when you get to do whatever you want. Like buy a winnebago and visit all the national parks, with stops along the way to see your kids and embarrass them by parking the RV out front. Or open a roadside jewelry stand in New Mexico. Or run an animal rescue. Or start a full-time letter writing campaign to NASA, in support of a mission to mars. Or anything you’ve ever wanted to do, but didn’t have the time. Retirement accounts should be there to make sure you have the money.

I’m 26 years old, and I already have close to $50K in my 401k and IRAs. Admittedly, I am a bit of a planning freak, and I was lucky to be able to start my first 401k when I was 19. I suppose the article stats should make me feel good, to know that I am as prepared as over 50% of baby boomers, but it instead makes me worry for all the people who will reach retirement age in the next 20 years. I hope they all have amazing pensions will full health-coverage – or that they like Canada.


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