retirement savings statistics. You'll need the help of a financial advisor or insurance agent to help you plan your retirement. ">No matter what your age is and what work you do, it is essential that you save something for your retirement. Retirement and old age makes you spend a lot without earning actively. Add to this the rising cost of amenities, cost of living and most importantly the health care costs and you know you have a very deep consideration on life. It is also a worrying factor as most of us do not even have enough to support our basic needs. In this case, we land in debt and then a vicious circle of debt payment, new debts and new payments. |
A recent survey has come out with very scary numbers about average retirement savings of the Americans. It tells that about 58% of Americans do not have a retirement plan. There are 60 % people who believed that after retirement, health care will consume all their savings and they would not be able to make ends meet. This is what America is going through at the moment and if you don’t want to be a part of this league, you better start saving today.
It is not a difficult task to know how much money you will need for your retirement. You just have to look at certain factors like your age, your occupation, your yearly income, your income sources and the age that you want to retire at. If you are 30 years of age and have only $25000 saved for your retirement, you would be in trouble after you stop earning money actively. This would mean that by the time you are 65, you would hardly have somewhere around $55000 for your retirement. Even if we double the figure to $100,000 dollars and considering that you would live on this money for the next 10 years, leaves you with only $10000 yearly. We must not forget that the cost of healthcare is increasing at a fast pace and this money is simply not enough. Therefore, it is important that you increase this money.
For this, you need to take a few steps right now. Start investing in mutual funds or get a retirement account so that you may save for your future. Even regular savings put aside in a separate bank account would not pinch you more. Simply save some amount of money each month and deposit it in your bank account. You can even open a recurring bank deposit for this purpose. In any case, make sure you have more than needed as financial drains are mostly unexpected and huge.
To learn what the current averages are broken down by age group, please check out these retirement savings statistics. You'll need the help of a financial advisor or insurance agent to help you plan your retirement.
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