The Boomer Chronicles

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You’ve Saved Only HOW MUCH for Retirement!?! LOL!!!!!! Posted: 14 Sep 2011 07:03 AM PDT Every once in a while I pull out a sheet of paper on which I keep a record of my retirement savings. Sure, it’s increasing, but not fast enough. I hear crazy stuff like ‘You need $1 million to retire” and “You need $500,000 to retire.” Well, I’m in the same boat as a lot of Americans. I probably don’t have enough. The craziest thing? I have a lot more savings compared to a lot of my friends, yet it’s still not enough. The U.S. Senate Finance Committee will convene a meeting tomorrow on “Tax Reform Options: Promoting Retirement Security.” The meeting could result in some important changes in retirement funding. The meeting will look into making 401(k) plans more efficient and keeping Social Security afloat, among other important issues. Here’s a scary number. The “retirement deficit”– the difference between what Americans have saved for retirement and what they should have saved — is $6.6 TRILLION. Yikes! This figure comes from a center in my neck of the woods, the Boston College Center for Retirement Research.

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