As you head to the office this Monday morning, you might already be looking forward to Friday and the weekend. And if you’re thinking of retiring early, keep in mind that it is not as simple as it used to be.
In Texas the average age for retirement is 64 years old. The age actually varies by state. Lone Star College economist Hank Lewis says it's a different story from 30 and 40 years ago, when there were more people retiring early.
“In the 70’s and 80’s, many employers had a defined pension plan that had a defined income,” Lewis said, adding that those pensions don’t exist anymore.
You keep hearing people say you need a million dollars to retire. But Lewis says that's not true. It could be more, because you could live longer than retirees did years ago. That is why some retirees still work part time.
“It varies based upon the individual needs and plans as far as how much you actually have to have saved,” Lewis explained.
And as for how that changes in the next 20 years, Lewis has his concerns.
“I’m worried about Social Security not being there. I’m not counting on it. I’m planning around it,” Lewis stated.