Feeling safe and secure about your retirement funds? Are you in the 50% or so that will outlive your savings? Love that I am going here right now?
Dig this… yes its true, more than 50% of retirees (and even you great Gen X members) will die kinda poor if you think living on your Social Security checks of say $17,000 per year ain’t that appealing. I won’t go into major detail right now. But, I will, soon, I promise.
What has caused this? Here is a list of factors, but not all of them:
- You simply didn’t save enough (that’s why Gen X and gen Y better start now)
- Only 53% of workers have a pension or 401K
- Workers age 55 to 64 had just $54,000 in their 401K in 2010
- On average, this group has $120,000 in savings (that’s about 1/4 required according to the experts)
Bottom line? Our savings culture and systems suck. Yes, there are solutions being considered by pro-active politicians like Senator Tom Harkin (but not in time for those lucky Baby Boomers.)