Wednesday, December 14, 2011

Is 80 The New Retirement Age?

To many of the people in this class thinking about retirement is something they do not have to worry about in the foreseeable future, but it is something that we should be not only preparing for but starting at an early age.  This is a fact that many Americans are beginning to realize.  In a survey of 800 people with over $100,000 in assets 39% thought they needed to reduce their spending in order to afford retirement.  I think that most adults under the age of 40 have realized that there will not be any social security left by the time we retire and that creating our own retirement funds is going to be our only chance to have a retirement before we are 80.  There are a number of different reasons that we could point to for this turn of events, but I think the largest one is what has our economy in so much trouble.  It is once again the concept of overextending ourselves and trying to have that American dream.  People thought they needed and even worse deserved to live in a $400,000  house and drive an expensive car and have all of the toys they need.  That overspending has lead to people becoming eyeball deep in debt and forcing them to continue to work. 

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