A few years ago there was a new trend in the United States. For the first time in the country’s history over 50% of the population was over the age of 50. With that in mind the big question is are these Baby Boomers ready for the retirement years that are roughly ten years away.
Retirement Savings
While there is a lot of information bouncing around in the news, we thought we would look at what was being reported. In a USA Today article, we saw that 97% of those who reach the age of 65 don’t have more than $600 in the checking accounts. Not a good thing if you are wanting to retire.
In other news, we discovered that many Bobt Boomers had on average $60,000 saved in their Individual Retirement Accounts (IRAs). This may sound a lot better because they saved 100 times more, but a couple of things need to be kept in mind. First, this money is fully taxable when it is withdrawn from the account. While it may not be taxed at the same level it would have been when earned, it still is similar to taxable income.
Second, taxes aside, if you invested this money in a mutual fund at 12% interest, you would get $7200/year in income. If you got only 8%, then it would be $4800/year. This amounts to $400 to $600/month in income. Can you live on that? Not too many people can.
What Can A Baby Boomer Do?
If you are at a point that may seem like there’s no hope at the end of the tunnel, then we would recommend that you take time to get the FREE Retirement Cures Audio Training. This could help get you started down the right path to developing a comfortable retirement and not have to be totally dependent on social security.
If the numbers above describe your situation, the time is of the essence. I know things may seem bad, but it doesn’t have to be. There are things you can do right now which we cover in the Free audio training.
Life is something everyone should look forward to living each day.
Until next time…