Retirement Approach is not Realistic

The rule of thumb in planning your retirement years is that you need twenty times your annual income. That’s just not where most people will be, by a long shot.

Forty nine percent of Americans that are nearing retirement age are showing less than $30,000 put aside for retirement. This is mainly due to the bad economy, loss of jobs and lowered income over the last number of years. If you equate that into retirement dollars, it means that these individuals will be living at the poverty or below poverty level, with around $5 per day to devote to food.

Those that don’t have enough in retirement anticipate working longer, but, like the widening gap of income related society, those that have the ability to work passed normal retirement age, remain to be the wealthiest.

Sources:
http://www.nytimes.com/2012/07/22/opinion/sunday/our-ridiculous-approach-to-retirement.html?ref=your-money
http://www.theretirementsource.com/services-reality-check.php

The information supplied in this article is not to be considered as medical advice and is for educational purposes only.