If you ask self-employed workers about retirement savings, a shocking number will give exactly the same answer, ‘What retirement savings?’ This is a major problem, not only for the self-employed, but for the United States as a whole. With more and more people without regular jobs and the benefits that come with them, the article says that our nation faces a ticking retirement time bomb. Here’s why.
According to the global study from HSBC, The Future of Retirement, many working-age people in the U.S. and worldwide are hoping to live off an inheritance after leaving the workforce. The question is, how long can you live on the amount you may receive? What if you end up receiving very little or nothing and have limited or no savings of your own?
What multiple of your ending annual salary at age 67 should you aim to save to meet basic income needs at retirement? The answer is …
Most people do not have this amount set aside to live on in retirement let alone pay for unreimbursed medical expenses. If you are already age 55+ and have not started your planning, it may be difficult to achieve these goals, but if you are younger with more time for your planning and investments to work, these goals should be readily achievable.
The rising cost of health care in the United States has become one of the primary risks to a financially secure retirement. With health care costs expected to continue increasing faster than inflation, the time to plan for your future health care needs is now—before you retire. Here’s what you need to know.