Retirement Planning

The current state of retirement planning in the United States is truly a frightening one.  As a nation, we are on the verge of a major crisis looming over the next few decades.

The baby boom generation, those people born between 1946 and 1964, represent 29 percent of the entire US population.  As more and more of the baby boomers retire and begin to collect social security, the stresses on the system are predicted to become unbearable.  Current estimates by the US government estimate that, if no actions are taken to reform our social security system, the entire social security fund will be bankrupt by 2042.  

Although the Social Security program was designed only as a supplement to other sources of savings, as recently as 2003 the majority of senior Americans relied on Social Security as the source of at least 80 percent of their income.  Additionally, the generation currently collecting social security had a much higher personal savings rate during their working years than the current generation of soon-to-be retirees.  Reduced pension funding by corporations and much lower levels of personal household savings in general have made this a scary situation for the 75 million baby boomers.

If you plan to retire in your sixties, it is quite possible that you may have many years of life ahead of you to provide for your basic needs as well as to enjoy your “golden” years.  The biggest fear many people face is outliving their money.

Planning effectively for retirement mean taking steps now to ensure that your retirement years are comfortable and enjoyable rather than full of worry and regret.

If you are concerned about your transition into retirement and how your “hard earned” savings are going to last through the remainder of your life, we invite you to have a free one-hour consultation to address these important issues.  Contact us to set up your appointment today.