Retirement is a long way off, meaning there is a lot of time for the economy to either bolster itself back up or continue its downward spiral into oblivion. Because most of American citizens' retirements reside in 401k's, everyone's retirement planning is dependent on the stock market. No one is ever fully prepared.
I have no pension and no plan for the future. I am not worried about this because I am worried about what is happening in my life currently. If I was to invest in a retirement plan this would mean I had no money to sustain me in my life at the present time. It's sad that it should be this way but I know that for many others the same situation is true.
No, I am not fully prepared for retirement, because I am not old enough to be fully prepared. I am only in my 30s. I've got a lot saved already, but I'm not ready to retire right now. I need to save a lot more before I'm ready to quit my job and relax.
The balance of two retirement accounts, IRA and 401(k), currently total around $285,000. In a conservative income portfolio this would generate approx $1,300 per month with touching the principal. Combined with social security this would give a monthly income of just over $2,500. To maintain my current standard of living I estimate I would need $3,400 per month. So I'll have to work past age 65 to build up my retirement funds.