I think I'm one of those who are just "getting by". I always wonder how some of my friends save from their earning when they are earning less than I am.

smcc - sobering reality... our losses in our pension funds due to many reasons (poor funds management, market up's and down's, emergency borrowing), the company finds a way to loose the pension fund such as the Minneapolis Moline Tractor Pension Fund (memory now $384M) went away in the mid '60's, the use of bankruptcy seems to work well on the corporate level, or take me... my employer made me an early retirement offer I didn't dare refuse (established a Health Care Savings Plan and paid my group insurance until I could become eligible for Medicare - an excellent exit) so they could save over $100,000 and at my age where do I go for a job - so I only need to fund daily living (P.S. ...looking for a good woman to support me in a manner I have yet to be come accustomed too). This economic downturn will happen again and again over one's life time. It usually doesn't hit all market sectors at the same time but the up's and down's do happen. I have lived long enough to almost reach back into the depression years. We have been living way beyond our means as a western society and it finally caught up to us. In summary we can plan and set aside funds with the best intentions and still end up short. I have several friends who had 401k's and/or corporate pensions funds of $400K plus and saw half of it vaporize. Now what do they do...? Food for thought (they carefully planned). Also, ignore all the hogwash that social security won't be there. I have heard that same nonsense since I was a kid and that dates back to the 1940's..! Politically the political powers to be in this country wouldn't get away with eliminating it or at least until the politcally active "baby boomers" are gone. Hint for the "Milleniums", Gen "X"'ers and the "Y"s, you need to get involved. As the babyboomers pass into the tomorrow you loose some serious political muscle!!! I am one of them. Maverick even...! Well the surmon is over.

I have a feeling Wanderer that many of us 50, and older will be working longer than we want. I also feel that some that will retire will have to come out of retirement to work either part / full time.

I like your comment on getting by, some are making REALLY good money and living on every dime of it and can't put anything away, while others are living below their means and saving all they can.

You know we all have an idea of wanting to retire and live a certain way of life but when is their enough money to do so ? Seems like the figures just keep rising and your saving just enough to "still be behind"

As a "baby boomer" I will say life has many up's and down's financially. The concept of saving for retirement is notable but hard when you buy a car, start a family, buy a house, obtain a boat and jet ski... You will hear that paying yourself is the number "1". Great idea. Truth, unless you can put the money where you can't get at it it will be hard. You are suppose to have a rainy day fund, proper amount of insurance especially life and I can go on. You have some real soul searching on this one. The other part is when you only earn enough to get by, where is this set aside going to come from...? That is the reality!

You know I was reviewing this thread and obviously since I first started this the economy has taken a downturn. Was wondering, how many feel that they either won't or can't retire ? I saw an article in the USA TODAY that spoke about retiree's needing $250,000 just for medical expenses alone !

I'm still young, but I'd like to start saving for my retirement. How can I determine how much I need to save?

For us Baby Boomers:

http://www.usatoday.com/money/perfi/retirement/2009-06-16-retirement-boomers-recession_N.htm

For many of us because of the financial climate, Age 63, well, is just another year in our lives because most of us will be working long past that. For those who can still retire at 63, I am very happy for you, the last thing you want to do is come out of retirement to start making ends meet again.

For the yonger generatios, learn from this, save while your young for your retirement, although this too isn't a safeguard, should a financial dilmena come along the sting won't be as harsh as your elders who were saving for their kids education and trying to take care of their parents while at the same time trying to save for retirement