Only 50% of American adults have any retirement savings.
Hard to compare. Defined benefits were more common in those days.
Lets say this in 1975 and you are doing fairly well with a $12,000 per year salary...how prepared would you need to be if you were retiring in 2013 when it would take $50,000 per year to sustain that lifestyle?
That's a really big mountain to climb when you consider the hidden tax of inflation.
I'm afraid retirement for most people my age won't be in a coastal resort or in some posh retirement community where you have time and $$ for travel and hobbies. It's going to more closely resemble college life for some people, where you spent as little money as possible, rarely traveled, and eat crappy/cheap food. If you are lucky, you'll be able to afford to live near family.
This post was edited on 1/31 at 1:30 pm