Saturday, February 27, 2010

How to Retire Happier and Richer

A recent Wells Fargo survey about the retirement preparedness of Americans age 50 to 59 showed that they are not that well-prepared.

Of this group , a third (67 percent) said their expectations for retirement had changed from those held a year ago, and over half (56 percent) expected to work longer by an average of three more years.

These baby boomers said that they require $800,000 in retirement savings, but have saved only $300,000 (median amounts).

This group also had not assessed how long their savings would last in retirement.

They expected to live nearly 21 years in retirement, but planned on spending nearly 10 percent of their savings every year in retirement.

The retirement industry recommendation is to withdraw no more than 4 percent annually.

Here is some retirement advice to help you retire richer:

    People who don't respect money don't have any.
    — J. Paul Getty,

    You are only as rich as the enrichment you bring to the world around you.
    — Rajesh Setty

    How easy it is for a man to die rich, if he will be contented to live miserable.
    — Henry Fielding

    Money is what you make it. Depending upon who you are — and your frame of mind — money can be anything you want it to be. Money can be: the root of all evil; or that which answers all things; or something that burns a hole in your pocket; or a means to freedom; or an interesting concept; or even a stupid concept. Whatever value you place on money, you must take responsibility for it. If money is evil to you, you created it being evil. If money is a problem to you, you created it being a problem. If money is joy to you, you created this concept. Take responsibility for your concepts. And be clear that these are just concepts. Nothing more and nothing less.
    — from The Lazy Person's Guide to Success by

    We have a balance of $0.32 in the bank … Which made us four-and-a-half trillion dollars richer than the federal government.
    — Jim Borgman

And here are some retirement planning resources to help you retire happier and richer: