I'm 35. I have $50k in an IRA. Using an online IRA calculator, I find that I'll have less than $900k at retirement, assuming I work until I'm 67, and I continue to make the full contribution to the IRA. And assuming a fair (6%) rate of return.
I'm a computer programmer. I probably can't depend on the good income I have now until I'm 67 - programmers tend not to get hired as they grow older. I don't have kids, and I don't want any. Nor would I want them to front the burden of an 80 year old man whose retirement savings has run out.
How can I possibly retire? The reason I'm asking this is, I know I'm not the only one in these shoes. Some say in the US (where I live), the majority of people have no retirement savings. I'm ahead there, but it still seems it won't be enough.