K-12 Tax & Spending Climate: The Cost of Retirement

Kiplinger:

For many, saving for retirement is a difficult process even during the best of times. And in 2009, according to a recent survey from Wells Fargo, 20% of pre-retirees have reduced funding to their retirement savings. Many who once thought they were secure are now forced to delay their retirement plans by several years. What's even more troubling is that 41% of women and 32% of men now believe they will have to work after retirement just to make ends meet. Considering that saving $1 million will only amount to about $40,000 per year for the average retiree (assuming you stick to a widely accepted rule of thumb that says you should limit your withdrawals to 4% of your savings during your first year in retirement), it's easy to understand why retirement has become almost a luxury. Below, Kiplinger.com examines the cost of retirement.

Posted by Jim Zellmer at June 1, 2010 1:01 AM
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