Cedar Rapids, Iowa News, Sports, and Weather
New Study Says Retirement May Be A Long Way Off
By Addison Speck, Reporter
CEDAR RAPIDS, Iowa - A recent study published in The Wall Street Journal says that most Americans won't be able to retire until well into their 70's.
The study showed that those who earn between $31,000 and $72,000 annually will need to work to age 72 to have a 50% chance of covering basic expenses during retirement.
Jim McPartland is a Field Manager at True North Financial Strategies.He says that sometimes people think they may be more prepared then they are. "We're running across a lot of folk who want to retire earlier then they really should," McPartland said.
At Witwer Senior Center, Executive Director Myrt Bowers, 72, says they are noticing a trend. "We have a number of people in our workforce who's 75 or 80 years old," Bowers said. She said many people see their utilities, bills, and food costs rise and extra income gives people the extra boost they need.
Clinton Jeffers, 82, delivers meals for Witwer. He says he wants to stay active while being able to earn extra income. "My social security income is not really adequate," Jeffers said.
McPartland recommends people start investing early. He says that personal savings is the only part of your retirement fund that you have entire control over. "It's really about the individuals discipline, the individuals ability to save along the way," McPartland said.