Retire Early - Are You Crazy?

Note: Another article about the best places to retire in the world by Ernie J. Zelinski was originally published with the title Retirement Planning Tips on the Best Places to Retire on several websites. Check out Where to Retire Quotes on The Retirement Quotes Cafe:

According to MotleyFool.com, more than 39 percent of individuals who are presently in or near retirement have saved less than $25,000 for their golden years. Apparently this is the lowest American savings rate since the Great Depression and will interfere with retirement income and their retirement happiness.

Actually it's worse than that. Happiness in retirement may be even more elusive so that it takes a lot longer to when you can submit your retirement letter. Check out the numbers from the RCS. They reflect the total savings and investments (not including the value of the primary residence) of today's workers, by age group:

Retirement Savings

- - - - - Less than $25K - $25K-$49.9K - $50K-$99.9K - $100K-$249.9K - - 250K +

All Ages - - - - - 53% - - - - - - - 12% - - - - - - - 12% - - - - - - - 11% - - - - - - 12%
25-34 - - - - - - - 73% - - - - - - - 11% - - - - - - - 7% - - - - - - - - - 4% - - - - - - - 5%
35-44 - - - - - - 49% - - - - - - - 14% - - - - - - - 16%- - - - - - - - - 12% - - - - - - - 9%
45-54 - - - - - - 44% - - - - - - - 14% - - - - - - - 12% - - - - - - - - - 15% - - - - - - 16%
- 55+ - - - - - - - 42% - - - - - - - 8% - - - - - - - - 2% - - - - - - - - 12% - - - - - - - 26%

Source: Retirement Confidence Survey, April 2006.

Note that according to the above figures, half of the people 55 and over have saved less than $50,000 for retirement.

Almost a Third of British Retirees Move to a Different Residence Once They Retire

Almost a third of retired people in Britain are forced to move to a new home, according to research conducted by Saga Home Insurance in April 2008.

The researchers at Saga believe that a strong reason behind their findings is the soaring cost of living, with food and energy costs rising particularly quickly. Saga also found that 38 percent of retirees discovered that their actual financial situation was worse than they had expected. In total 31 percent of retired people have moved to a different residence at least once after retiring, contrasting a mere 8 percnet or retirees who intend to move once they enter retirement. So where to retire? The top priorities retired people look for in a new home include a friendly neighbourhood and good shopping facilities.