ARBOR WEALTH: On the retirement crisis

Margaret R. McDowell
Special to The Log
Published: Thursday, January 30, 2014 at 06:14 PM.

 

“I’ll be working long as my two hands are fit to use” — “Working Man Blues” by Merle Haggard

 

EDITOR'S NOTE: This is the first in a series on the retirement crisis.

 

Do you remember the day you realized you didn’t want to work for the rest of your life? Or perhaps realized you couldn’t? For many people, this is also the day you come to grips with the fact that if you have not been putting money aside for retirement, full retirement may remain an unrealized dream.

Many people do indeed realize this fact, but have limited resources to do much about it, and this is the heart of a looming and distressing domestic and global retirement crisis. Last November, Money.com reported that the average American 401(k) balance was estimated to be $84,300, up from $75,000 a year before.



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