What's Your Tipping Point?

What's Your Tipping Point?

When will you feel ready to retire? Will it be at a certain age? Or when you have “enough” money in the bank? Or when you’ve accomplished all your professional dreams and aspirations?

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According to new research from Maritz Research, it’s investment savings that most people rely on to get them feeling confident about leaving the workforce. In fact, respondents with $500,000 or more in savings viewed their retirement much more positively than those who had less than that amount.

The $500,000 Question

If $500,000 seems like a large number to you, you’re not alone. In fact, 37% of those polled who were nearing retirement age said they believed they would have to work during their retirement, while 36% said they expected to have to delay their retirement altogether.

The poll included a sample of 500 people who had retired within the past three years and 500 people who anticipated retiring within the next five years. Respondents were between the ages of 50 and 70, and had at least $100,000 in retirement savings.

Perhaps the silver lining from the study is that the vast majority of recent retirees, 79%, reported feeling optimistic about their financial security during retirement. Near retirees, on the other hand, were more uncertain, with only 67% claiming the same optimism regarding their own retirement future.

The best ways to reach $500,000 is to start now, save more and work longer.

RELATED: 9 Things People Don’t Do With Their Retirement Accounts But Should

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