JACKSONVILLE, Fla. -- Like most people, 28-year-old Joel Hayes hopes to enjoy his golden years.
"I hope to live a full life and then have a few years afterwards to enjoy maybe some family, some grandchildren,” Hayes said.
But also like most people his age, there’s a problem.
"Currently, I do not have enough money to put away for the future,” said Hayes.
When a rainy day fund is a foreign concept, planning for retirement can seem insurmountable. A new report from the Society of Actuaries details how many people believe they’ll need to continue working in retirement to prevent a major decline in their living standards.
A sizable percentage, one third of all workers, says they don’t expect to ever retire.
"Most people in their 30’s and 40’s are really scrambling to figure out what they're going to do,” said Mike Davis, President of Davis Financial Services.
Davis believes the retirement age in America is trending upward.
“I foresee at least the ages going up to probably 70,” he said.
His advice – it’s never too early to start planning ahead.
"If you wait until you're 40 to start, then it’s hard to make up,” said Davis.
But Hayes isn’t throwing in the towel yet. He’s planning to head back to school in the fall with the hope of one day working until he doesn’t have to anymore.
"If you start at the bottom, there's only one place to go and that’s up,” Hayes said.
To read the 2011 Risks and Process of Retirement Survey Report go to: http://www.soa.org/News-and-Publications/Newsroom/Press-Releases/2012-08-16-working-retire.aspx?WT.qs_osrc=fxb-137462110
Also to learn how to choose and use a retirement calculator, click on the link below: http://www.cbsnews.com/8301-505146_162-57492890/how-to-choose-and-use-a-retirement-calculator/?tag=cbsnewsMainColumnArea