For too many Americans the retirement plan is death. A survey finds some of us will never retire and a third of us plan to have a part time job until we die.
Scott Bishop at Houston's STA Wealth Management says most of us are clueless about retirement.
"Most people have no plan, they cannot visualize their retirement, they have no idea what direction they're going and they have not saved enough; they live for the moment."
Bishop says you can't just stick your head in the sand; you've got to have a plan.
"What types of needs will you have in retirement? What type of income can you rely on -- possibly Social Security -- and what's the gap?"
When many Americans hear they'll need a million dollars to retire they throw up their hands and say 'that'll never happen.' But Bishop says that's no reason to not have a plan.
"Maybe you're going to have to downsize, maybe you're gonna have to take a reverse mortgage, where are you going to get the money to be able to meet your goals? It doesn't mean you should bury your head in the sand; it just means you maybe need to change the goal but it doesn't mean you've earned the right to say 'a million dollars, there's no way I'm getting there.' That's just an excuse; that's not reality."
Bishop says it's not too late to plan, but you'll need to sacrifice for retirement.