HOLYOKE, Mass. (WWLP) - It's hard enough for a lot of Americans to put away money for emergency savings.. and it can be even more difficult to consistently save enough for retirement.
If you're lucky enough to have a job you like in this recovering economy, you're lucky enough. but how long do you plan to be working? For a lot of Americans, the answer is many, many years.
A new Wells Fargo survey reveals a third of Americans don't think they'll ever retire. They plan to work until they're too sick to do so or until they die.
“A lot of my friends are still working at my age and still looking. If you don't plan you're going to be in trouble. Wherever I worked I didn't have retirement so I put my own money away,” said Miguel Hollander from West Springfield.
One semi-retired man told 22News, people underestimate how much it costs to care for themselves as they age and their health worsens. Plus filling all that new free time can get expensive.
“People assume you're going to quit and your expenses get cut in half. You have a lot of time on your hands and you tend to spend a lot more money than you think,” said Hank Tujague from Agawam.
“You definitely have to plan in order to retire and still stay as comfortable as you are without having to downsize or make changes,” said Fernanda Anjos from Westfield.
22News is working for you with tips on planning for retirement:
- Take advantage of retirement plans offered at work.
- Diversify your investment portfolio.
- Consider refinancing your mortgage and putting that money away.
And stick with a budget once you do stop working.