20% of Americans plan on never retiring.
Many Americans have found that they simply must keep working for as long as they can due to insufficient retirement planning and saving.
33% retired due to circumstances beyond their control.
This is critical to consider for those planning to never retire. The choice may not be yours. You may end up losing your job due downsizing or may develop serious health problems. Or you may have to leave the workforce to care for a loved one. In your financial planning, its important to include some contingency plans.
46% who haven’t started saving for retirement expect running out of money to be their top concern during retirement.
Just about everyone who hasn’t started saving for retirement should worry about running out of money, not just 46%. Sure, maybe you’re among the relatively few who needn’t worry. But without retirement planning and sitting down and running the numbers to see how much you have, how much you can accumulate and how much you’ll need, you’ll never know.
31% ages 45 to 54 haven’t started saving for retirement yet.
The good news is that all isn’t lost. A little retirement planning and some actions taken now, can have a profound effect on your financial situation.
56% of those with six to 10 years until retirement have $100,000 or less saved for retirement.
This is a concrete example of how precarious many people’s futures are. If these folks are expecting to live off Social Security, amounting to $14,760 per year or even twice that amount, it probably still won’t offer you a very comfortable retirement.
62% have $50,000 or less saved for retirement.
Having $50,000 or even $20,000, can be OK — if you’re still young, you keep adding to it, and you invest it effectively. Everyone’s situation is different, though which is why you need to do your own retirement planning or tap the services of a professional for some help.
Fortunately, you don’t have to be among the sorry statistics above — at least not all of them. Take time to do some retirement planning today, as the longer you wait, the harder it will be to have what you need. The more you know, the better off you’ll likely be.
In your retirement planning, examine all the angles, including Social Security. It plays a key role in your financial security no matter how much you end up collecting from it. And, by making smart decisions, you can position yourself to collect as much as possible.
Don’t wait. See your Financial & Retirement Planners at Hercules today.
To schedule a time to discuss your financial future, please visit us at the main office in Hercules First Federal Credit Union or call us at the Credit Union at (801) 968-9011
We also have two free seminars and dinner each month. Check our schedule and sign up by clicking the link below.
SInvestment advisory services offered through Solitude Wealth Management, a Registered Investment Advisor, 10653 S. River Front Parkway, Suite 290, South Jordan, Utah 84095. Telephone: (801) 797-6232.
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Not insured by any federal government agency