Surveys suggest that 92 percent of people believe there is a retirement crisis in America. Earlier this year, a report published by Sen. Tom Harkin – chair of the U.S. Senate Committee on Health, Education, Labor & Pensions — estimated the U.S. retirement deficit to be roughly $6.6 trillion, likely to continue growing in coming years. The report also found that just 14 percent of Americans believe they will have enough money to live comfortably in retirement.
Planning for retirement can be a nightmare. The current economic environment is uncertain at best, and most Americans are too concerned with overcoming the financial hurdles facing them right now to be bothered with thinking about the challenges down the road.
But foresight is critical for those who want to develop and execute a successful retirement plan. It’s up to each individual to take charge of his or her own retirement, especially because the long-term stability of Social Security is by no means clear.
Here are a few changes queued up for 2014 to keep in mind as you go about saving for or preparing for retirement.