PORTLAND – For people nearing retirement, money has surpassed age as the determining factor for when to call it quits.
Investment savings and financial security are the two main issues facing people near retirement. Studies suggest $500,000 is the new tipping point at which people feel comfortable to retire.
But a recent AARP retirement survey points out that one in six Oregonians age 45 to 64 has less than $5,000 in savings.
The lack of savings, coupled with fewer companies offering pensions, means people have a lot more planning to do and a lot more questions to ask.
“Where am I? And what is my current shortfall if any?” Those are two of the questions people can start with, said James Smith of Phillips and Co. “And if I have a shortfall do I need to save more now or do I need to invest differently?”
And this month lawmakers passed a bill to look into a sustainable retirement savings plan, accessible for everyone working in Oregon.
Currently more than half of all Oregonians 45 and older do not have a retirement savings plan through their workplace.
KGW Reporter Joe Smith contributed to this report.