Retirement. I’ve been talking about the Boomers’ lack of preparation for their retirement for many years. Many Boomers are not and will not be in a financial situation where they can enjoy a secure retirement.
Financial-Planning.com published “12 Terrifying Retirement Facts Keeping Boomers—And Their Advisors—Up at Night,” which discusses these concerns and reinforces the urgency for Boomers to work with their financial planners and professional agents to be better prepared.
Here are just a couple of statistics that stand out:
- About half American workers have less than $10,000 saved for retirement, and 29% have less than $1,000, according to the Employee Benefit Research Institute.
- One in six elderly Americans lives below the poverty line, according to the U.S. Census Bureau.
- Between 1991 and 2007, the number of seniors aged 65-74 that filed for bankruptcy increased 178%.
- In 1991, half of all American workers planned to retire before 65, now that number is less than a quarter.
- A recent AARP survey found that 40% of Boomers plan to work “until they drop.”
- The vast majority of Americans—88%—are worried about “maintaining a comfortable standard of living in retirement,” according to a survey by Americans for Secure Retirement.
Scary thoughts, and if these facts don’t bother you, you are:
- In denial of your financial position
- Unaware of your financial predicament
- Have been smart enough to be proactive in your planning.
If you are in either of the first two categories, you should contact your agent or planner today. If you do not have someone to help you, go to LIFE’s agent locator.