South Dakota ranks last in retirement readiness

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RAPID CITY, S.D. (KEVN TV) - According to a Ubiquity Retirement and Savings survey, South Dakota ranks last out of all states for retirement readiness. It's important to plan for retirement in advance.

"You got to think quite always ahead. If you wait until it's time to retire, you're way behind," says retiree, Leo Volk.

Volk served in the air force for 30 years before he retired in 1997.
He stays active by working a few part-time jobs. Not because he needs the income, but because they are fun relaxing hobbies.

"I feel bad for people that have to work at my age. You know, this is the time that you should be enjoying life and enjoying your family, and your're grandchildren," says retiree, Lisa Castor.

Castor retired in 2012 and can now worry about the next dance step versus the next social security check. But social security alone is not enough.

"The average person in this area needs another 20 or 30 or 40 thousand dollars a year on top of that to live a comfortable lifestyle," says Kahler Financial Group Founder Rick Kahler.

Kahler advises people to start saving for retirement when you get your first job. But there is still a chance even if you start later like Castor.
Her husband and her started saving for retirement when they were still working in their mid-40's, that way they could retire in their mid-60's.

"We work with a broker. You know, so we put money away so that we feel like we can live comfortably as long as the stock market doesn't take a dive," says Castor.

If people plan ahead, people have a better chance of retiring earlier.