Can you afford to retire?
Alot of us work so hard every day so one day we don't have to work anymore. An alarming report today in cnnmoney.com indicates that almost half of us won't make it.
"A new retirement risk index released Tuesday estimates that 43 percent of working-age households are not likely to have enough retirement income to replicate their current standard of living."
If this statement doesn't get your attention - it should.
"Those most at risk of missing their goal, according to CRR:
• Low-income Gen Xers (born between 1965 and 1972): 60 percent are at risk of having insufficient funds in retirement.
• Low-income late boomers (born 1955-1964): 54% are at risk.
• Middle-income GenXers: 46% are at risk.
• Two-earner GenX couples: 53% at risk, since they often receive less generous Social Security benefits than one-earner couples.
• Single GenX women: 52% at risk, since they are more likely to be in the bottom third of income earners.
But those percentages could be reduced by doing one of two things: 'Even relatively modest adjustments - working two extra years or saving 3 percent more - can substantially improve retirement security,' said CRR director Alicia H. Munnell in a statement."
"Why risk rates are high:
There are several reasons so many working-age households are at risk, CRR notes.
• Life expectancy is on the rise.
• Defined-benefit pensions are on the decline.
• Social Security benefits will replace a smaller percentage of one's pre-retirement income as the age at which workers become eligible for full benefits rises from 65 to 67. By 2030, when the first Gen Xers turn 65, Social Security is projected to cover 33 percent of pre-retirement income after deducting payments for Medicare Part B premiums. That's down from a 40 percent replacement rate in 2002.
• 401(k) balances are not high. The median balance is $60,000 among households nearing retirement.
• Most workers don't save for retirement outside of their 401(k)s."
The good news is that it is never too late to implement a new strategy. If you have beat-up credit and are paying a premium on your present debt load the single most important issue you need to focus on is getting your credit rating turned around - and as soon as possible.
If you need my expertise on this issue please let me know.
-Bill Burniece
Alot of us work so hard every day so one day we don't have to work anymore. An alarming report today in cnnmoney.com indicates that almost half of us won't make it.
"A new retirement risk index released Tuesday estimates that 43 percent of working-age households are not likely to have enough retirement income to replicate their current standard of living."
If this statement doesn't get your attention - it should.
"Those most at risk of missing their goal, according to CRR:
• Low-income Gen Xers (born between 1965 and 1972): 60 percent are at risk of having insufficient funds in retirement.
• Low-income late boomers (born 1955-1964): 54% are at risk.
• Middle-income GenXers: 46% are at risk.
• Two-earner GenX couples: 53% at risk, since they often receive less generous Social Security benefits than one-earner couples.
• Single GenX women: 52% at risk, since they are more likely to be in the bottom third of income earners.
But those percentages could be reduced by doing one of two things: 'Even relatively modest adjustments - working two extra years or saving 3 percent more - can substantially improve retirement security,' said CRR director Alicia H. Munnell in a statement."
"Why risk rates are high:
There are several reasons so many working-age households are at risk, CRR notes.
• Life expectancy is on the rise.
• Defined-benefit pensions are on the decline.
• Social Security benefits will replace a smaller percentage of one's pre-retirement income as the age at which workers become eligible for full benefits rises from 65 to 67. By 2030, when the first Gen Xers turn 65, Social Security is projected to cover 33 percent of pre-retirement income after deducting payments for Medicare Part B premiums. That's down from a 40 percent replacement rate in 2002.
• 401(k) balances are not high. The median balance is $60,000 among households nearing retirement.
• Most workers don't save for retirement outside of their 401(k)s."
The good news is that it is never too late to implement a new strategy. If you have beat-up credit and are paying a premium on your present debt load the single most important issue you need to focus on is getting your credit rating turned around - and as soon as possible.
If you need my expertise on this issue please let me know.
-Bill Burniece
posted by Bill | 4:38 PM
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