DALLAS -- When you stop working, will you start worrying that you'll go broke in retirement?
According to Merrill Edge, 58 percent of respondents in North Texas reported in a recent survey that they are concerned they won't have enough money set aside to coast through those post-career years. Click here for survey results in D/FW. That's higher than the 55 percent nationally who worry their nest eggs won't last through their lifetime.
Martha Wright of Dallas works in the 401k field.
'I think I'm saving enough for retirement,' she told News 8, but she is very concerned about people she deals with. 'They're not prepared. People just don't save enough.'
Dallas retirement advisor Cathy Dewitt-Dunn said it's a decades-long dilemma; in our 20s, we're too preoccupied paying down student loan debt. In our 30s, she said the money pit is often our first house.
'That's probably not going to be your dream home, because you are probably entering the decade of having children,' she said. 'So maybe if you think about downsizing a little bit, and get a home you can afford and also contribute to your retirement accounts.'
Because saving later may not get any easier.
Dewitt-Dunn said in our 40s, too much of our money often goes to credit debt and that in our 50s, many of us are using our potential retirement money to put kids through college.
'I tell my kids, 'Do you want me to live with you later, or do you want to help me out some right now?'' she said.
It's hard to do, but at every stage of life, Dewitt-Dunn says you've got to stick with a plan to save for yourself.
Otherwise, like Scott Baum of Dallas, you can plan to keep worrying, and possibly, to keep working. Originally he planned to retire at 65 or 70. Now he's estimating retirement won't come until he's 75 or older.
Many future retirees expect Social Security benefits to be a critical part of their income. Vital Magazine lists this as a 'must read' for Americans looking for ways to maximize their Social Security benefits.