Start saving for retirement now

Retirement is not as far away as you might think it is. Studies of how our brains age indicate that as we get older, time actually moves faster. Or at least it does for our brains.

With each passing day, you retire faster. Are you ready?

One of the best ways to understand what it takes to be retired is to talk to those who are already there. Although we like to imagine retirement as a time to travel, garden and drink coffee at the local café every morning, it is not often a carefree time.

A study by Brightwork Partners for Putnam Investments analyzed people who are retired for two to six years. These retirees are old enough to have the traditional pensions, but still young enough to have the 401 (k) as well.

Traditional pensions are disappearing fast, but it does not give the current community of retirees an advantage in the younger generations.

The average annual income for new retirees before tax was $ 36,000. Nearly 50% reported incomes of less than $ 25,000, while 25% reported less than $ 15,000 per year in annual incomes.

Over half of retirees said their standard of living had fallen since they stopped working. Only 30% said they live comfortably. 21 percent reported it is a struggle to make ends meet.

Over 40% of pensioners' annual income came from Social Security. The average income was only 11% of savings and investment income.

As traditional pensions become a saga of gentle and social security for generations to come, today's workers must start saving now.

Talk to a pensioner and you will find that retirement does not get easier as time goes on. Over 60% of retirees say the longer they are retired, the harder it gets. Many people are surprised to find that it is quite difficult to maintain a certain level.

Those who are most satisfied with their start saving for retirement are those with the highest incomes and assets. For example, 50% of those with an annual household income of $ 75,000 are "very happy" with retirement.

Most retirees will tell you they wished they had saved more. Nearly 60% wish they had started saving earlier.