Millions of boomers are eligible to retire this year but many won’t be able to because they are unprepared or unaware of what they need in order to retire comfortably. Many lost money in the stock market, others are saving but just not enough, and 34 percent of American workers have saved nothing.
Inside E Street profiles Michael Vanatta and Johan and Linda Mastej, who all found themselves in a tight spot with their retirement. Vanatta, 62 years old, lost his job and was forced to retire with no pension or savings. The Mastejs did plan ahead but lost half of their 401(k) in the stock market crash. John also lost his job during the recession. What do they need to do in order to survive these challenging times?
In the studio, Lark McCarthy is joined by Jack VanDerhei—Research Director of Employee Benefit Research Institute and author of the 2011 Retirement Confidence Survey report. VanDerhei discusses the key findings in the survey, which show Americans’ confidence in the ability to retire comfortably at all-time low. In addition, Marcia Tillotson and Joy Kenefick of Wells Fargo Advisors, also known as the Retirement Boot Camp Ladies, talk to Lark about helping clients learn whether they are truly ready to retire.