Patt Morrison for June 21, 2012

Is 70 the new retirement age? Most Americans don’t have enough saved to stop working at 65

An Appalachian County's Community Bonds Help Overcome Challenge Of Poverty

Mario Tama/Getty Images

Barber Gary Mays (C) chats with retired butcher Jesse Johnson (R) in Mays' barber shop in Owsley County on April 20, 2012 in Booneville, Kentucky. The 2010 U.S. Census listed Owsley County as having the lowest median household income in the country outside of Puerto Rico, with 41.5% of residents living below the poverty line.

With massive job losses and swings in the economy since the financial crisis started, chances are if you’re working now, you’re not going to stop any time soon. According to a Boston College study, fewer than half of Americans have enough saved to retire by age 65. A small number – 3%--say that even working until age 90, they still won’t be able to retire.

How do we get out of this trap? We all know the basic wisdom. Save aggressively, cut spending, start young and diversify. But with low interest rates, high mortgages and a scarcity of jobs, it’s not nearly as easy as it sounds.

WEIGH IN:

How can we build up savings? How much do we really need? And when you do plan to retire?

Guests:

Karen Blumenthal, writer of the Wall Street Journal’s Family Money column

Alicia Munnell, director of the Center for Retirement Research at Boston College


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