Nancy Tengler in USA Today

If you’re saving for retirement, remember this: It’s really just 20 years of unemployment

A happy, healthy retirement is most everyone’s dream. We imagine lazy mornings over a cup of coffee and a good book, days relaxing on a tropical beach, exploring foreign lands and playing with our grandkids. No stress. No worry.
We would be better served to think of retirement as twenty years of unemployment. That’s because when it comes to retirement savings, the majority of Americans generally come up short.
According to Northwestern Mutual’s Planning & Progress Study 2019, only 16% of the adults surveyed had saved $200,000 or more for retirement. One in five Americans have less than $5,000 saved for their post-work years and 15% have no nest egg at all! So much for no stress, no worry.
Add to those sobering statistics of under-saving is the fact that most Americans have unrealistic expectations about their standard of living in retirement.
Gallup has found that 57% of working Americans expect to retire “comfortably” and only one-third of those surveyed expect to rely on Social Security as their major source of income. But retiring comfortably with a modest dependence on Social Security will require significantly higher retirement balances than the average working American has set aside.

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