Monday, August 10, 2015

Are You in Denial About Your Retirement?

Are You in Denial About Your Retirement?

According to the 51-page Retirement Security Report released by the Government Accountability Office (GAO), as recently as June 2015, among households headed by someone age 55 or older, about 29 percent don't have a retirement savings of their own or any form of employer pension. Just to reiterate, these forks have absolutely no savings whatsoever, anywhere.

And the situation is not much better among those 55+ households who do have some form of savings. On average, those between 55 and 64 have about $104,000 in savings, while those between 65 and 74 have about $148,000 saved for retirement. These balances translate into a monthly annuity payment of $310 and $649, respectively.

No matter how you look at it, these are very grim scenarios.

Of course these folks knew all along that they weren't going to keep working forever, even if that was what they were somehow hoping to do. In fact, I’d even bet that every single one of these well-meaning folks never intended to enter their retirement years in total financial disarray.

So what happened?

Obviously, there could be a million and one reasons why these folks are in the bind they find themselves at the latter end of their lives. But what you must realize is that although they intended for the best and hoped it would play out just as they wished, hoping and intending weren’t enough because they didn’t back them up with the right amount of action.

So how much importance do you attach to your retirement planning? Is retirement even that crucial to you? Do you have a specific plan in place to measure your progress in this regard? Or you are simply saving a little here and there and hoping that things will just turn out OK?

While most of us would agree that retirement planning in one of the things that should be at the top of our to-do list, unfortunately the evidence in real life, as seen by the GAO report I referenced earlier, proves otherwise. A staggering number Americans are increasingly relegating retirement planning to the bottom of their to-do lists and are not taking it seriously enough. I’m hoping you hear this message loud and clear, because the last thing you want to be is a broke retiree.

Happy retirement.
If you are ready to have a real conversation about how to start planning for your retirement  even if you haven't saved a penny yet  visit or call 877.656.9111 right now to book your complimentary, confidential consultation. You'll be paired with an experienced financial professional who can help you plan for a secure retirement, regardless of your current financial situation. Retirement planning means planning for ALL aspects of your life after retirement. If you're ready, we're here to help. 

No comments:

Post a Comment

Chime in with your comments or questions: