The statistics are troubling…
10,000 Americans begin their retirement every day.
The Social Security Administration has said the SS Trust Fund will become exhausted by 2035, unless benefits are reduced, the retirement age is raised, or other solutions are put into action. (1)
76% of Baby Boomers are not confident they have saved enough for retirement. (2)
One third of retirees retire with mortgage debt. (2)
Only 18% have more than $200,000 saved. (2)
56% have less than $10,000 saved. (2)
Women live substantially longer than men and yet have much less saved for retirement. (3)
About 25% of non-retired adults have no retirement savings (4)
Many Americans have experienced reductions in pay and not been able to save as much as they would have liked since the Great Recession of 2008/2009. (5)
In addition, the Great Recession resulted in many workers in their 50s and 60s getting laid off, not being able to find comparable employment and choosing early retirement.
55% of seniors working during retirement say they do so because they need extra money. (4)
It’s not an optimal situation for many people. Adding to the stress on finances is the fact that people are living longer.
So, the question is how can we improve our retirement situation with the resources we have at our disposal?
Continue reading “5 Tips to Make Your Retirement Savings Last”
Listed below are 5 strategies you can implement today to make the most of your retirement savings…