As you get older and continue to work for a living, you may begin to feel like you’re going to clock in at the office forever. A new study shows that those feelings are shared by many.
Poll: Most employees age 60+ say they won’t retire anytime soon
Fifty-three percent of workers age 60 and above say they will delay retirement, according to a recent CareerBuilder survey.
The findings, compiled from November 28 to December 28, 2017, by The Harris Poll, come from a representative sample of 809 full-time employees across multiple industries and company sizes.
When asked if they think they’ll be able to retire by age 70, four in 10 employees didn’t think so, the poll showed. And when it comes to gender, 57% of men say they will hold off on retiring, while 48% of women said they same.
How much do you need to save to retire comfortably?
Money expert Clark Howard says that a practical way to find out how much money you’ll need to retire is to employ the 25 Times Rule.
“Most people are going to retire when they’re Social Security-eligible,” he says in a recent podcast. At that point “you may have, depending on where you work, some amount of pension.”
He adds: “The money you’ve saved other than that, in investment accounts, retirement accounts, 401(K)s, IRAs, etc — that money is what you’ll use to fill in the gap that Social Security, and/or in addition, some amount of pension, would cover.”
“So the amount you need is based on what your gap is,” Clark says. “So it doesn’t necessarily have to be a huge amount of your income, but what it does have to be, is when you hit retirement, 25 times that gap.”
He says the 25 Times Rule is simply a scenario that allows you to “make sure you don’t outlive your money.”