Retirement can be scary, no matter who you are. It makes sense that some people are nervous about retirement. How much money do you really need for 20 years? What about 30 years? Will you get bored? Will you be lonely? Planning ahead and predicting the future is extremely difficult. It’s tempting to just make retirement planning tomorrow’s problem.
This seems to be the general opinion of Americans: One in five doesn’t save any of his annual income, according to Bankrate. Only 16 percent of people save more than 15 percent of their income for retirement savings, which falls within the experts’ recommendations that Fidelity recorded (10 percent to 20 percent). Add to that lifestyle inflation (the tendency of people to spend more as they make more), the major debt of younger generations, and the fact that people are living longer than ever, and it becomes clear that America is facing a major retirement crisis.
