I don’t think so, but we do need to fix the problem! And soon!
According to the latest data I found, 59 million Americans are receiving Social Security benefits totaling $863 billion.
If you have not done any retirement planning, tomorrow, as everyone is seated around the table, decide which kid you want to live with in your old age.
The average 401(k) balance came in at $88,600 at the end of the second quarter of this year according to a report released by Fidelity, which represents 12.4 million U.S. workers. Younger workers had saved less and older workers more.
Congress increased the amount workers could contribute to their retirement plans but then realized that older workers closer to retirement were in rough shape.
I know we have weeks dedicated to so many different things. Did you know we have a donut week? So we should have a Save for Retirement week!
Social Security is synonymous with retirement income, but it is much more.
The retirement income gap is currently 44 cents for women for every $1 that men will collect and it’s been well reported that more women than men will encounter financial hardship during retirement.
Farewell Jeets, here’s some future yard sale items!
Ask any 65-year-old what they would have done differently and 90% will tell you that they should have started saving sooner!