This stat scares the bejeezus out of me
May 8, 2023 by Sheryl J. Moore
Well, here’s a stat that scares the bejeezus out of me:
“Nearly half of baby boomers have no retirement savings”
HALF!
And WHAT?!?
In the “55- to –64-year-old boomer age group, 58 percent of Americans own retirement accounts.”
How the heck do you get caught up with your retirement savings at that point?
“Without a retirement account, most retirees count on Social Security. The average monthly Social Security check to a retired worker is around $1,800. The average household run by an over-65 American spends more than $4,000 a month.”
And I was feeling pretty good about my personal retirement savings, until I read that “one rule-of-thumb retirement calculator [suggests], workers should aim to save 10 times their annual salary by age 67.”
Yikes. #WorkingOnIt
This article from Yahoo Finance had a TON of useful information in it. Click HERE to check it out.
The biggest takeaway for me- annuities could be a solution for A LOT more Americans, than we are currently reaching. -sjm
