FOR WHAT IT ’ S WORTH
RETIREMENT IS EVERYONE ’ S FUTURE GOAL
BY ALISON FREE
R etirement is what we are all working for but without a plan , it may not be what we are all hoping for .
Putting a solid plan in place to take action is a start . Figuring out how to make it happen comes next .
One of my favorite guys , Zig Ziglar has a saying , “ If you aim at nothing , you will hit it every time .”
For what it is worth , here are some statistics that might surprise you or at least get you thinking :
• The average American retires at age 63 .
• The average retirement lasts 18 years , but many will last much longer .
According to data compiled by the Social Security Administration :
• A man reaching age 65 today can expect to live , on average , until age 84.3 .
• A woman turning age 65 today can expect to live , on average , until age 86.6 .
• And those are just averages . About one out of every four 65-year-olds today will live past age 90 , and one out of 10 will live past age 95 .
Experts say :
• You ’ ll need $ 1,060,751 in savings if you expect to draw $ 5,000 per month for 30 years , assuming 6 % annual investment returns and 2 % inflation .
Americans know they will outlive their money , but still won ’ t save ! The majority of those in the prime of their careers are concerned about their retirement savings .
22 RPCRA . ORG | MAR / APR 2017
• The average 50 year old has $ 42,797 saved . At that rate , it would take some serious strategies to hit the over million mark within 15 years .
• 45 % of Americans have saved nothing for retirement , including 40 % of Baby Boomers .
• 38 % don ’ t actively save for retirement at all .
• 20 % of Americans tap into their 401 ( k ) assets early , either through a loan or withdrawal .
• 80 % of Americans between the ages of 30 and 54 believe they will not have enough saved for retirement .
So what are we waiting for ? It is not too late ! It just takes a commitment to have the discussion , write down the numbers , and consider the possibilities .
We know for sure that Social Security is not the answer …
• Social Security should be discretionary income to supplement your retirement . Social Security should not be your retirement plan . Still , many Americans end up dependent on it .
• 36 % of American adults over 65 are completely dependent on Social Security .
• 63 % are dependent ( but not necessarily completely reliant ) on Social Security , relatives , friends , or charity at age 65 .
• Social Security will only be able to cover 77 % of promised benefits beginning in 2034 .
So what are the answers ? Consult a retirement specialist and get some ideas , and discuss strategies for growing or protecting your retirement savings . You do not know what you do not know !
Find someone who does know , who can offer suggestions to assist with building a plan based off your specific needs and goals . Determining your level of investment risk is an essential factor in laying out the options for building your nest egg . That factor is determined by your investment experience , your current financial situation and balanced by your age . Each person ’ s plan is very specific to their lifestyle , their concerns and their desires .
With over 20 years experience as a local Realtor ®, I know the ups and downs of building a successful real estate business while trying to balance the commissionbased structure to prepare for the unexpected and plan for the future . My objective is to provide encouragement and resources that will contribute to your immediate achievements , as well as , your future success .
If there are any areas of interest that I can address in future articles please email me at Alison . Free @ Bankers . com .
For What It ’ s Worth :
“ The time to repair the roof is when the sun is shining .”
- John F . Kennedy
Statistics compiled in part by The Motley Fool – Financial Experts