Did you know that over one third of all Americans have no retirement savings at all! One of the goals here is to try to take the scariness out of retirement planning and what we can do to help you save more money and what to invest it in. Some more sobering stats for you:
Over 89% of all employers offer some type of 410k but only 75% contribute to their plans
But with this contribution rate would you be surprised to find that over 35% of people over 65 rely on social security alone.
Around 1 in 5 tap into their retirement plans for either a distribution or loan
46% of all American workers have less than $10,000 saved for retirement and 29% of all workers have less than $1000 saved for retirement
So what do we do? Do we just give up and let the government take care of us or our loved ones? No way! First off, letting the government take care of us is not a good option anyway you slice it, without getting into politics there is not one person on either side of the aisle that thinks social security is a retirement lifestyle. It was meant as a security blanket, nothing more. As my day job shows me on a daily occurrence living on $750 to $800 a dollars a month is not a fun way to live and definitely not something to aspire to or look forward to.
If I haven’t scarred you to death completely let me assure you that there is still time and you can get on track to have a retirement that you can look forward to. Together we will take this journey to help you improve your retirement savings and grow your retirement nest egg.
Going forward we will be discussing retirement calculators, compounding interest, IRA plans and what kind of investments make sense for you and your risk tolerance.
Until next time take care and be well.