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You And Your Retirement Savings

YOU AND YOUR RETIREMENT SAVINGS AGING GRACEFULLY TOGETHER The good news is that we are living longer. A 65-year-old man today can expect to live to 84; the same aged woman until 86. It gets better. One in four 65-year- olds will live past 90 and one in 10 will reach 95 or beyond. The not-so-good news is that living longer puts more pressure on your retirement savings. TOTAL REPORTED SAVINGS AND INVESTMENTS ALL WORKERS AGE 25-34 AGE 35-44 AGE 45-54 AGE 55+ Less than $1k $1k-$9,999 $10k-$24,999 $25k-$49,999 $50k-$99,999 $100k-$249,999 $250k or more 0% 10% 20% 30% 40% 50% ANNUAL COSTS ARE RISING FOR RETIREES 65 AND OLDER EXPENDITURE 1988* 2012 INCREASE K MORTGAGE PRINCIPAL $300 $1,311 337% HOUSING $10,831 $13,833 27.7% LO EATING OUT $1,692 $1,785 5.5% X EATING IN $3,316 $3,327 -1.3% D ENTERTAINMENT $1,277 $2,020 58.2% wh HEALTH CARE $4,073 $5,118 25.6% HOUSEHOLD $1,164 $1,215 4.4% UTILITIES $3,091 $3,340 8% EDUCATION $116 $236 103.4% A TRANSPORTATION $5,899 $6,538 10.8% *1988 FIGURES ADJUSTED FOR 2012 DOLLARS THE GOOD NEWS: RETIREMENT INCOME IS INCREASING ANNUAL INCOME AFTER TAXES FOR RETIREES 65 AND OLDER $45k $43,969 $41,390 $40k $35k •$32,636 $30k 1988 2008 2012 *1988 AND 2008 FIGURES ADJUSTED FOR 2012 DOLLARS RETIREES TODAY ARE MORE CONFIDENT THAN WORKERS 24% 18% of workers surveyed are not at all confident about having of workers are very confident enough money for retirement 52% OF RETIREES SAY THEY WOULD NOT HAVE TROUBLE PAYING AN UNEXPECTED $2,000 28% 17% of retirees are very confident about having enough money for retirement of retirees surveyed are not at all confident EXPENSE O) START AS EARLY AS YOU CAN, BUT ANY SAVINGS WILL MAKE A DIFFERENCE 2$ $$ $$$$$ 1 times your ending salary should be saved by age 35 3 times your ending salary should be saved by age 45 5 times your ending salary should be saved by age 55 What you'll have in 10 years if you start with $40,000 and save $200 $97,066 each month at 5% interest Added Social Security benefits you'll have each year if you delay retirement until 70, instead of age 67 8% SOURCES SPONSORED BY U.S. SOCIAL SECURITY ADMINISTRATION FIDELITY INVESTMENTS FIDELITY INVESTMENTS: HOW MUCH DO YOU NEED TO RETIRE? 2014 EMPLOYEE BENEFIT RESEARCH INSTITUTE 2014: RETIREMENT CONFIDENCE SURVEY U.S. DEPARTMENT OF LABOR: TAKING THE MYSTERY OUT OF RETIREMENT U.S. BUREAU OF LABOR STATISTICS: 1988, 2008, AND 2012 CONSUMER EXPENDITURE SURVEYS to lo lo lo

You And Your Retirement Savings

shared by chaustin25 on May 06
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This piece shows how retired Americans spend their money (compared to how they spend their money years ago), as well as how much you should have saved at different ages.

Publisher

Huffington Post 6

Writer

Alex Beasley

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Economy
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