Joe Nocera, op-edding in the New York Times about turning 60 and not being able to foresee retiring:
According to the Employee Benefit Research Institute, for instance, only 22 percent of workers 55 or older have more than $250,000 put away for retirement. Stunningly, 60 percent of workers in that same age bracket have less than $100,000 in a retirement account. Ghilarducci told me that the average savings for someone near retirement in America right now is $100,000. Even buttressed by Social Security, that’s not going to last very long.
And even MORE stunning: Some people have no retirement account, and less than
$1,000 $500 $50 $10 in their checking account! And have to pay all monthly expenses out of a Social Security check! Even though a month is only 31 days long at the longest, that check’s often not going to last even that long!