Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.
The “Do It Yourself” 401k pension system has failed miserably because it expects ordinary people with little to no investing expertise to plan for their golden years. If you expect to retire with same standard of living during your working years you’ll need to amass nearly 20 times your current annual income.
First, read the New York Times article from this past Sunday Review entitled, “Our Ridiculous Approach to Retirement” and then give us a call and find out how we can help you take control of your financial future.
Do Good and Make Money!