Survey Indicates Numerous Baby Boomers Will Never Ever Retire
These are fascinating times in the senior law community since of the truth that the population is aging so rapidly.
The Social Security Administration says that there are roughly 10,000 individuals requesting their Social Security benefits every day, and this in itself is sensational. The 2nd half of the statistic is even more unbelievable: This many Americans will be applying for Social Security on a day-to-day basis each day for the next 2 decades.
This is due to the truth that the child boomer generation is reaching retirement age over the next 20 years. There was a current AP-LifeGoesStrong. com survey conducted to attempt to acquire an understanding of how prepared child boomers are for retirement from a monetary viewpoint. The results painted a rather grim picture.
A stunning 44% of survey respondents stated that they were not confident that they would be able to easily meet their costs during their retirement years. Around one-fourth of individuals who responded to the poll had no retirement savings at all, and the median amount that survey respondents had saved was just $40,000.
Approximately two-thirds of the child boomers polled said that they would continue doing some work after retirement with 35% of these people specifying that they would be doing so out of monetary need. Some 24% of the individuals who took part in the survey said that they would never ever retire because they couldn’t afford to do without the income.
Most of the individuals who reacted stated that Social Security would consist of many of their income during their retirement years. This is bad news because the average Social Security payout in 2010 was about $1072.
Clearly, if you wish to be gotten ready for retirement you require to plan ahead in advance. If you’re not exactly sure about where to start, a great primary step would be to arrange for an assessment with an experienced retirement planning attorney.