RETIREMENT: An Issue To Be Faced Now
- A mere 28% of non-retired Americans have made an effort to determine their likely monthly income need for retirement (survey by Alliance).
- A healthy 65 year-old couple retiring in 2019 is projected to spend $369,000 in today’s dollars ($551,000 in future dollars). Expenses at age 85 are estimated to be 250% higher than at age 65.
- Today 63% of Americans are unprotected for retirement, meaning they have no guaranteed source of protected life time income.
- I can’t afford that at this time.
- I will address that issue later.
- Let me share a few other sobering statistics:
- One in six seniors is working past 65.
- The workforce over the age of 75 nearly doubled over the past 20 years.
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