When it comes to retirement readiness, you may not be as prepared as you think. According to TIAA’s 2016 Lifetime Income Survey, fewer than half of Americans know how much they have saved for retirement, and only 35% know how much monthly income their savings will generate. At the same time, TIAA’s Voices of Experience Survey reveals that Americans are retiring earlier, with 54% leaving the workforce behind before age 65.
Mid-career is a good time to sit down and assess where you are and where you hope to be when you retire. You may find that you're already doing a good job – or that you really have to step it up now in order to reach the place you hope to be by the time you retire. The older you get, the more it will take to catch up, so the time to start is now.
Rebecca Lake | Investopedia