Over The Hill Gang: Have You Saved Enough For Retirement?

BOSTON (CBS) - Who are members of the Over the Hill Gang? I'm thinking age 55 and over. If you can get a senior discount or move into a 55 plus community you are over the hill!

It is projected that half the US population will be over 50 in two years (2017) and by 2020 individuals age 65 plus will outnumber children under 5 for the first time in history.

We know we are an aging population. Ten thousand people turn 65 every day and will do so for the next 13 years until all of the boomers reach 65.

So if you are a charter member of the gang or an almost member you need to start planning for retirement. A recent survey by the Federal Reserve found that 20% of those age 55 to 64 had no retirement savings and more troubling they found that many households are not adequately prepared for retirement.

Number one thing on your planning list is to figure out if you have saved enough money to retire. Then you can figure out when you can retire.

Many folks want an early retirement but few can really afford it for they have not saved enough. The median 401(k) balance for those 55 plus pre-retirees is $111,000. Which sounds like a small fortune but it will need to last 30 to 40 years in retirement.

There are some good websites out there where you can find financial calculators to help you figure out if you have enough saved for retirement or if you are saving enough for retirement. A good site, Choose to Save, has many different financial calculators on their website. Check out their BALLPARK E$TIMATE to see if you are on track.

And the large mutual fund companies have good educational retirement sections as well as calculators on their websites. Check out Fidelity and Vanguard. And of course, your retirement plan provider should have good information on their website.

If you can you want to start retirement debt free. So you need to plan to have the mortgage, the school loans, your daughter's wedding paid off before the retirement years begin.

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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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