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Millions of Americans Will Never Retire

Here’s a piece that says millions of Americans think they will never retire. The details:

A majority of Americans don’t know how much money they need to save for retirement, while 19 million Americans don’t think they will retire at all.

Ok, so this is two different issues:

  • One group doesn’t know how much they need to save for retirement. That’s an easy fix. Here’s a post on the three steps to your retirement number. See step #1.
  • As for the ones who don’t think they will retire at all, I’m wondering if they’ve worked out the numbers or if they are just guessing. It’s not clear, but I would suspect that it’s the former. They have just a “feeling” that they will never retire, but it’s probably not based on anything solid.

It’s really no surprise to me that 1) most haven’t done their homework and 2) many think they’ll never retire. It may actually be a larger number than 19 million.

It’s pretty sad since saving for retirement is fairly easy. But it does take will power, something many Americans are short on.

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