In keeping with the series of articles on retirement, Gary Simms sent me a link to this PDF file on The Retirement Crisis. I had problems opening this file using Firefox due to some add-ons they are attaching to their software. If you have a similar problem, try Safari or Chrome browsers. As the article points out, this is another financial crisis. PERS programs are also in disrepair as too much was promised during the go-go years of the late 1990s. Unfortunately, the lessons of the late 1960s were not learned so here we go again.
When planning for your own retirement, set the withdrawal rate to no more than 4%. For example, if you are currently living on $70,000 per year, you will need to save $1,750,000 if you have no pension or social security income. The 50% of our population that put away $10,000 in savings will not be living very high on the hog.
A less pessimistic retirement projection is the need to save 12 times your final salary. $70,000 x 12 = $840,000 or still a tidy sum.
If you are not able to read the Crisis PDF file, let me know. First try a different browser.