While you may or may not be looking forward to retirement, you should take a good look at your assets. Are you able to continue payments of house, loans, any outstanding debt? Did you plan on traveling the world? Will you have enough money to live the kind of life you want? Always plan ahead with a "safety net", money set aside for unforeseen situations is always a great idea.
The idea of retiring in 30 years for a middle aged American is becoming more and more elusive. People have a dream of working all their lives and then finding a comfortable place to live at the end of their careers to enjoy their later years. Well, in my situation and for many other people I know, there will be no retirement. The high prices of commonplace items has families going from pay check to pay check and retirement isn't the only thing being nixed off the list. So are college funds, new cars and anything that is too lavish!
Like the vast majority of American workers I do not have near enough retirement savings to allow me to retire at age 65. My 401(k) total is just under $215,000, nowhere near the estimated I need to allow me to retire at age 65 and not out live my savings. At my current rate I'll be working until age 70!
I have not set up any sort of retirement savings plan yet and neither has my husband. I spent the last five years in university with absolutely no extra income so I had no funds to start saving for my retirement. Hopefully that will change soon and hopefully I have many years left to save for my retirement.