America’s Frightening Retirement Facts

PROVIDENT BANK Commitment you can count on Is It Time to Face The Frightening Retirement Facts? Most Americans aren't saving enough money for retirement, according to a slew of new data which shows Americans are woefully unprepared when it comes to saving for their golden years. In 1950, each retiree's Social Security benefit was paid for by In 2010, each retiree's Social Security benefit is paid for by approximately 2025 22222222 22222222 16 U.S. workers 2221 3.3 U.S. workers it is projected that there will be approximately two U.S. workers for each retiree ..................................... How in the world can the system possibly continue to function properly with numbers like that? (US GOV.) 5 FRIGHTENING RETIREMENT STATISTICS 46% 29% 40% of Americans have of Baby Boomers now plan to work "until they drop." of all American workers less than $10,000 have less than $1,000 AARP saved for retirement. saved for retirement. EMPLOYEE BENEFIT EMPLOYEE BENEFIT RESEARCH INSTITUTE RESEARCH INSTITUTE 36% 46% percent of Americans say that they don't contribute anything at all to retirement savings of adults say they are extremely or very concerned about having money for a comfortable retirement. CNBC LIFEHAPPENS.ORG AMERICANS AND RETIREMENT THE NEW NUMBER Expected Retirement Age in U.S. Up to 67 According to a recent Gallup poll, the average non-retired American now expects to retire at age 67, up from age 63 a decade ago and age 60 in the mid-1990s.That same poll finds that fewer expect comfortable retirement THE GOOD NEWS: IT'S NEVER TOO LATE (OR TOO EARLY) TO START THINKING ABOUT RETIREMENT PLANNING. So What Can You Do Right Now? IN YOUR "It's All About Good Habits and Long Term Plans" 20's Be Smart About Debt Enroll in Your 401(k) Plan X Say No To More Big Tuition Bills Establish Good Credit "Retirement Planning Vital Years" IN YOUR 30's Get Enough Insurance Coverage Create a Budget Pay Yourself First Consider Buying a House "Shift Into High Gear" IN YOUR Get a Savings Strategy Convert to a Roth IRA 40's Become An Oportunistic Shopper Reinvest In Yourself Rebalance Your Portfolio "Retirement Plans Under Siege" IN YOUR X Cut Off Your Grown Kids Dial Back Investment Risk 50's Exploit "Catch-Up" Provisions Know Where You Stand Lock Up Long-Term Care "The New Retirement Strategy" IN YOUR Hold Withdrawals Steady Move to a Cheaper Locale 60's Work Longer – It's Good For You Arrange for Lifetime Income Delay Social Security Benefits In summary, it is never too late to start thinking about your Golden Years - planning now will help them shine. http://www.time.com/time/specials/packages/completelist/0,29569,1930805,00.html http://blog.aarp.org/2012/06/06/thinking-about-retirement-pays-off-at-any-age/ http://www.gallup.com/poll/154178/expected-retirement-age.aspx http://bagwellins.com/blog/2012/04/4-frightening-retirement-statistics/ http://www.cnbc.com/id/32862851/ http://www.gao.gov/financial/fy2009/09frusg.pdf