These are fascinating times in the older law neighborhood because of the fact that the population is aging so rapidly.
The Social Security Administration says that there are roughly 10,000 individuals looking for their Social Security advantages every day, and this in itself is stunning. However the 2nd half of the fact is even more unbelievable: This lots of Americans will be requesting Social Security every day each day for the next two decades.
This is due to the fact that the child boomer generation is reaching retirement age over the next 20 years. There was a recent AP-LifeGoesStrong. com poll conducted to attempt to get an understanding of how prepared child boomers are for retirement from a monetary point of view. The results painted a rather grim picture.
A surprising 44% of poll respondents said that they were not at all confident that they would have the ability to easily satisfy their expenditures throughout their retirement years. Around one-fourth of individuals who reacted to the poll had no retirement savings at all, and the median quantity that poll respondents had saved was simply $40,000.
Approximately two-thirds of the child boomers polled said that they would continue doing some work after retirement with 35% of these individuals specifying that they would be doing so out of monetary requirement. Some 24% of the people who took part in the poll said that they would never ever retire since they couldn’t pay for to do without the income.
Most of individuals who responded stated that Social Security would make up the majority of their earnings during their retirement years. This is bad news considering that the typical Social Security payout in 2010 was about $1072.
Clearly, if you wish to be prepared for retirement you require to plan ahead beforehand. If you’re not sure about where to start, an excellent very first action would be to schedule a consultation with a skilled retirement planning attorney.