BOSTON (CBS) – Experts consider you Over the Hill if you are past your physical prime. Could be as early as your 20s, but in Tom Brady’s case it may be in his 40s. Today I am considering the population with Gray hair.

If you can get a senior discount, join the AARP, or move into a 55+ community you are over the hill! I don’t care if you just biked the Pan MASS Challenge over the weekend.

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A survey by the Federal Reserve found that 20% of those age 55-64 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.

According to a Fidelity report the average 401(k) balance of their customers at the end of last year was $92,500. The IRAs accounts $93,700. I don’t know how many of those folks are close to retirement but if they are, that may not be enough to live on in retirement.

And according to a Vanguard report, again their data only comes from the folks investing with them, the average 401(k) balance for those folks between the ages of 55-65 is better $177,800.

That may sound like a small fortune but it will need to last 30 to 40 years in retirement.

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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 calculator to see if you are on track for a comfortable retirement.

Many of 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.


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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