Are You Ready For Your Retirement Financially?

Nearly a fourth of workers retire early because of health problems, according to a survey released by Fidelity Investments on Monday. The finding is likely to fire a developing debate over how much Americans need to save for their retirement years. The report, conducted by a new research institute of the Boston mutual fund giant, also found the average working family today saves enough to replace only 58 percent of its income in retirement, combined with Social Security and pension payments. That is far below the approximately 80 percent figure that's commonly suggested by retirement authorities, including many large mutual fund companies and other financial planners.

Specifically, the survey found "gen X" workers, which include all those ages 25 to 42, are on track to replace 54 percent of their pre-retirement income. It also found that baby boomers, ages 43 to 61, are on track to replace 62 percent of their pre-retirement income; and that " pre-retirees," ages 55 or older, are on track to replace 61 percent of their pre-retirement income. All of these show a significant shortfall in the money you need for a comfortable retirement. Some sense of pessimism does seem to be filtering through to the respondents: 77 percent of workers think they aren't saving enough.

That being the case, the question is, "Why don't these people prepare now" especially those already in or very near retirement. They are true Authorities on some subjects for sure. They may be authorities on a particular aspect of business or even their hobbies. Regardless of what it is they can start their own business easily and have a solid income in retirement.

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