By Carol Marin
One third of Americans have no retirement savings and far more do not have enough savings to maintain their working lifestyle into retirement. For millennials—who feel the most optimistic and financially secure—more than two thirds aged 18 to 29 have saved nothing for retirement. So how is retirement changing and, as we live longer, do our expectations of what retirement means have to change as well?
Here to help answer those questions and more are Steven Esposito, senior vice president at Morgan Stanley, Courtney Eccles, policy director at the Woodstock Institute, Linda Waite, director of the Center on Aging at the National Opinion Research Center at the University of Chicago, and Sheila Gugliuzza, managing director of individual advisory services for TIAA-CREF in the Midwest.
With millions of baby boomers planning for retirement, the next big crisis for the U.S. could be a retirement crisis according to MarketWatch. An earlier article by MarketWatch ranks the United States 19th in terms of retirement security.
So how does one prepare for retirement? The AARP's retirement calculator breaks the process down into six basic factors to consider before setting “the date.”