Can You Retire Before You Die?
Topics: retirement, planning retirement, plan retirement, financial planning retirement
Most of us are familiar with these statistics…
Out of 100 people who starts working at the age of 25, by the age 65:
* 1% are wealthy
* 4% have adequate capital stowed away for retirement
* 3% are still working
* 63% are dependant on Social Security, friends, relatives or charity.
* 29% are dead.
More Statistics on “The GOLDEN Years”
Retirement by the Governments own statistics:
* The average savings of a 50 year old in the U.S. is $2500.
* 32 Million Americans are currently threatened with bankruptcy.
* More than 1,000,000 [1 Million] filed for bankruptcy in the year 2000.
More Statistics…
Out of every 100 people who reach the retirement age of 65:
* 62 retire with less than $25,000 in assets and depend on Social Security or family for their retirement.
* Another 35 retire with less than $100,000, have some form of pension in addition to Social Security and are just making it in their retirement. If either Social Security or their pension went away they would have a very difficult time surviving.
* 2 of the 3 remaining retirees have an adequate pension or retirement account. They have assets of between $100,000 and $750,000. They do appreciate having the additional money they receive from Social Security, but could survive without it.
* The last of these 100 retirees, is the only one who is financially independent. This retiree has assets approaching or exceeding $1,000,000. They do not need the income from Social Security at all.
Which group above will you be in when it is time for you to retire?
Still More Statistics…
“According to recent Governmental statistics, most people are very concerned about their financial security in retirement. Over 70% believe they won’t have enough money put away for retirement. Of those between the ages of 30 and 54, almost 80% feel this way about their future.
One of the factors is the uncertainty of Social Security. In the mid 1970’s, 2/3 of the people surveyed said they were quite confident Social Security would be there for them when they retired.
In 1980, of those surveyed, 2/3 commented that they were not confident that Social Security would be there to support them in retirement. They felt that if Social Security was still a functioning service, it probably would not be paying an adequate amount to cover a reasonable standard of living.
So if this is the case… why aren’t people socking away hoards of money so they are not part of the statistics? Well, it seems that saving for retirement is a difficult task to master for the average person.
Some have difficulty saving on a systematic basis. With others, it’s often the case of having good intentions but very poor follow-through. Still others, it’s that they make poor selections with the saving and investment vehicles they choose.”
Clearly, the working-class scenario of toiling away building someone else’s empire for forty years, trying to accumulate wealth (money) so one can retire comfortably, is NOT working. Most people would like to retire with dignity. Wouldn’t you?
Have we shown you enough? Well, here’s a few more facts…
“The rising stock market and escalating property values, while adding general prosperity, hide the brutal fact that for many Baby Boomers-who are now turning 50, retirement may not be a pretty picture.
Over the next 20 years, 76 million of us born between 1946 and 1964 will hit 50. For most, that means facing up to the harsh questions of how, or even if, they will be able to afford to retire.
With meaty employment pension plans gone the way of ancient history, and Social Security increasingly becoming an uncertainty, the lifestyle of retirees is no longer leisure, golfing, fishing and travel. In fact, the lifestyle for many retirees may be continued work and “cans of Spam . . . and not Caviar and Travels.”
The latest Census Statistics show that only 1 out of every 10 Americans today, is financially prepared to retire when they reach the age of 65.
What about the Current Economic Situation?
As we know, the economy is teetering on recession, companies continue to lay off in great numbers. And, you may as well kiss true job security good-bye. It doesn’t seem to exist anymore.
And although you may be one of those that make it to retirement and manage to hang on to your job, according to the Bureau of Labor Statistics, at 65 only 5% have enough money to retire on.
And since the standard route of working a traditional job has failed for 95% of all Americans. Shouldn’t you be seriously RE-evaluating the traditional career job employment scenario and if it is going to get you to and take you through retirement financially sound?
Here’s the real kicker… You and most of the people you know are going to work for at least 30 to 40 years …. at jobs you hate… with bosses you hate… with commutes you hate… with hours that you hate. What a life - failing while you are miserable most of the time. Do you want to do this for the next 40 years?
So What Can You Do About It?
Well, one pro-active move you can make is to avoid common and costly retirement planning mistakes that could seriously jeopardize your future and the lifestyle you dream of for your retirement.
Mistake Number 1: Procrastination
Mistake Number 2: Not realizing that you’ll need a specific amount of money to sustain you each month when retired.
Mistake Number 3: Relying on the belief you’ll be able to draw FULL Social Security benefits.
Mistake Number 4: The under-estimation of your medical costs if you are not in good health.
Mistake Number 5: Not setting up your long-term-care insurance early.
Mistake number 6: Making the assumption that you can retire early.
Mistake Number 7: Getting into the false hope that in retirement you will be in retirement-mode.
Mistake Number 8: Failing to seek expert financial and retirement guidance.
Start focusing on these commonly made mistakes and make sure you are not falling into the traps they can create. If you recognize some of them in your portfolio, get them fixed so you are on the right track. You don’t want any of them to affect your retirement planning and live-on income.
Start a pro-active plan NOW! If you want to be able to live financially stable now and into your “golden” retirement years, you need to make changes in the strategies you’re presently using.
One other pro-active move you can make is to join the home-business boom. It is the next big trend. CNN reports that a new home based business is started in the United States every 11 seconds.
Why? Well because a new home based business offers a low start-up investment compared to a brick and mortar, or franchise business, low monthly overhead, and you can start part-time while still employed, and create time leverage, residual income, and tax benefits for yourself. Tax expert Sanford Botkin says that a home business can result in tax savings of $3,000 to $9,000 per year.
Follow this trend, however do proceed wisely - you don’t want to get into a situation where you are wasting time or money out of your pocket.
Make sure you do your research. You are looking for an income generating system that allows you to build substantial supplemental income, PASSIVELY; where you don’t have to give up your life, or your spare time to run it successfully.
You don’t want to be adding a lot of additional work hours to your day, otherwise, you might as well start commuting to a second job site.
Start now… remember, procrastination is mistake #1… That way when you do decide to retire, unlike the income earned at a job, which stops when the work stops, the residual income from your home based business will continue to pay you long after the work is completed. Leaving you to enjoy your retirement free and to the fullest.
Tracey Anne shows people how to generate passive, pre-and retirement income, on just a few hours of ‘work’ per week. Her System creates passive income in a non-time consuming, successful and fun way! For more information, go to: www.TalkAboutCash.com
Previous Articles Highlighter:
Showing An Interest In Snowboarding (1)
All visitors to a ski resort have different needs, and the ski resort will make sure that there is plenty of daring jumps that can be viewed by visitors but are kept separate for safety reasons.
Advice For Buying Consignment Furniture (2)
Moreover, if you are intending to use such furniture in the prime spot in your home or office, then it is certainly not worth buying it. Instead, go in for solidwood furniture, even if the particleboard furniture seems to be coming at throwaway price.
An Online Shopping Cart: Why Every ECommerce Business Needs One (3)
You wouldn't open a brick-and-mortar store without a checkout counter and a cash register, so why would you open an ecommerce store without the online equivalent? Just as a checkout counter shows customers where to go when they have decided on their purchases, so an online shopping cart helps customers navigate your website to complete their purchases quickly and without frustration.
Realize Your Dreams With An Ecommerce Storefront (4)
Most people have goals that revolve around spending more time with their families, less time at work and yet having the financial freedom to enjoy their lives. The solution that many are finding works for them is to work from home.
What Is So Attractive About Penny Stocks? (5)
However, if your risk tolerance allows for penny stocks to be an investment option then go for it. No one can blame you for being excited about a stock that has the potential to bring exponential returns.
A Career As A Clinical Nurse Specialist (6)
She guides them and acts like a mentor. The nurse is expected to educate the patients and their families about the treatment. She educates the non-nursing staff and teaches at the undergraduate and graduate level.
Operational Accounting For Small Business (7)
Liabilities are those things the business owes such as short-term loans, long-term loans, wages, taxes, etc. Banks measure this as plain old debt and it's not good to have allot of it.
Improving Educational Technology Helps Students Learn Faster And Better (8)
Teachers who take advantage of modern educational technology tend to have students that excel and have a higher rate of advancing to higher levels of learning, high school graduation, and college attendance.
Student Loan Consolidation Info - What Are The Different Kinds Of Student Loans Available? (9)
When you borrow more than you need, often times the money is wasted, leaving you further in debt than you have to be and causing you much more money in interest than it would have if you would have only borrowed the minimum.
Is It A Risk To My Health Not To Get The Ducts Cleaned? (10)
This should include cleaning your ducts regularly to avoid any possible health risks to you and your family. Avoid the health risks associated with indoor air pollution by choosing high quality air duct cleaning equipment, insulation blowing equipment air duct cleaning tools.
Newer Articles Highlighter:
Ideas For Job Related Gifts (1)
There are some gifts that will work no matter what. If your boss travels a lot, a new leather suit case that fits one or two laptops can always come in handy.
Alternatives To Enjoy Music Better (2)
The choices in music are not that simple anymore but people do not seem to mind one bit. This is because the quality of the music that they buy now is new and improved and the clarity of the music offered in MP3 formatting makes any music sound better, even the oldies that were duplicated on super sized records.
Free Web Hosting Incentives (3)
There are certain web hosting incentives that will be offered by every web hosting facility because those incentives will be what establishes the visual view of the website after all of the products have been introduced.
Dealing With Emergencies When You Travel (4)
This will help everyone be on the same page should something happen, helping to expedite the process and get help quickly. Matt Reider is the manager of www.CanuckAbroad.com which provides cheap airfare resources, cheap hotel guides and budget travel advice to get the most out of your next vacation!
Internet Marketing Basics: What Is And How To Use It (5)
Topics: internet marketing, home based business, work from home, affiliate programs Internet marketing is one way that companies are able to maintain their profit margins and provide a continuous stream of products to their customers.
Maintaining Focus And Business Drive (6)
It can often begin to feel monotonous. So how do you keep your main focus and drive throughout your business? It does not just appear or you don't suddenly awake one morning feeling brand spanking new.
Pepper Spray: Organic Weaponry? (7)
OC attacks the mucous membranes of a person and the symptoms are instant upon contact. The breathing tube will become inflamed, but will not block the airway. The eyes will be irritated and give the temporary sensation of blindness.
The Killer Categories In The World Of PR (8)
The media loves children or animal news. The media loves David v Goliath news and The media loves new ideas. These 5 categories of stories are essential for you if you want to maximise your chance of getting your press release published.
Extraordinary, Mystical And Desired- Blacked Diamond Jewelry (9)
Promotion of this rare stone has also been a factor for the high price. Many jewelers in the market do not offer black diamonds, as it is rare and expensive.
A Visualization Of The Urban Legend Called, Man Made Global Warming (10)
Topics: man made, global warming, hoax, urban legends, profiteering, environmental scams About the only truth pertaining to Man Made Global Warming is that there are many people across the world making tons of money by perpetrating a junk science hoax.