Will You Be Ready To Retire?

WILL YOU BE READY TO RETIRE? AS WE GET OLDER, TIME SEEMS TO FLY BY FASTER AND FASTER, AND SO SOMETIMES SOME THINGS CAN SNEAK UP ON US. DON'T LET THAT HAPPEN WITH YOUR RETIREMENT! BEFORE YOU KNOW IT, IT MAY BE TIME TO ENJOY YOUR GOLDEN YEARS, BUT YOU WON'T BE ABLE TO LIVE COMFORTABLY IF YOU AREN'T PUTTING AWAY MONEY ON A REGULAR BASIS AND KEEPING IT WELL MANAGED. CHECK OUT THESE TRUE FACTS FROM THE U.S. CENSUS BUREAU... 6,000 t NUMBER OF AMERICANS WHO TURN 65 PER DAY: 35% OF AMERICANS OVER 65 WHO RELY COMPLETELY ON SOCIAL SECURITY $43,797 AVERAGE SAVINGS OF A 50 YEAR OLD: $215,000 TOTAL COST FOR A COUPLE OVER 65 TO PAY FOR MEDICAL TREATMENT OVER A 20 YEAR SPAN 13% PERCENTAGE OF POPULATION THAT IS 65 YEARS OF AGE OR OLDER: 36% PERCENTAGE OF AMERICANS WHO DON'T SAVE ANYTHING FOR RETIREMENT: 80% PEOPLE AGES 30-54 WHO BELIEVE THEY WILL NOT HAVE ENOUGH MONEY FOR RETIREMENT: Percentage of men aged 65 and older in the workforce, by age and year 35.8 1990 Percentage of women aged 65 and older in the workforce, by age and year 30.2 | 2000 27.9 2010 26.4 13.5 10.5 20.9 19 19.9 16.9 16.6 8.4 9.3 8.6 4.2 3.9 2.9 65-69 70-75 75+ 65-69 70-75 75+ AMOUNT NEEDED IN SAVINGS FOR RETIREMENT MONTHLY INCOME NEEDED SAVINGS NEEDED $1,000 $166,696 $212,150 FOR 20 YEARS SAVINGS NEEDED $333,392 $2,000 FOR 30 YEARS $424,300 $3,000 $500,087 $636,450 $666,783 $4,000 $848,601 $5,000 $833,479 $1,060,751 $1,000,175 $6,000 $1,272,901 $1,166,871 $7,000 $1,485,051 $1,333,567 $8,000 $1,697,201 $1,500,262 $9,000 $1,909,351 $1,666,958 $10,000 $2,121,501 SOURCES: HTTP://WWw.STATISTICBRAIN.COM/RETIREMENT-STATISTICS/ HTTP://WWw.NPR.ORG/2013/02/11/171693977ISERIES-OVERVIEW-MORE-AMERICANS-WORKING-PAST-RETIREMENT-AGE