our REtirement crisis
"No one saves us but ourselves. No one can and no one may. We ourselves must walk the path" - Buddah
Ok...so here is the depressing part, but it's real and we can't bury our heads in the sand. Remember, it's never too late. Even if you are 50 or older and have nothing saved you still have time to right your ship. If you are young and reading this you need to take action...your future self is counting on you. No one is coming to save you, you must take care of this yourself. It isn't difficult...like everything in life it just takes a bit of focused energy then you will be home free. You want options when you are older...money gives you options, rental property gives you money.
FACE FACTS: (Click on the orange highlights for more information)
* The Average Monthly Payout for Social Security in Jan of 2016 is $1341. The maximum available payout is $2639. If you were to retire today would you be able to live on that? Currently, Social Security is the dominant source of income for half of married couples and 74% of single people age 65 or older.
* Nearly one in two Americans -- 46 percent -- die "with virtually no financial assets," or less than $10,000, according to a recent study by economics professors at MIT, Dartmouth and Harvard. In fact, the study found that 19 percent of Americans die with "zero" financial assets.
* Poll finds 73% of Americans are incapable of saving money.
* For some, the desire to work past 65 can often be problematic
* Expert estimates are that you need to have between 11-18 times your annual pay to retire. So if you earn $100,000 you will need between $1.1-$1.8 million in savings. Of course the longer you live and the more you spend...you might outlive your savings.
* NIRS Research Finds: The average working household has virtually no retirement savings.
* NIRS Research Finds: Two thirds of working households age 55-64 with at least one earner have retirement savings less than one times their annual income which is far below what they will need for retirement.
* NIRS Research Finds: The median retirement account balance is $3000 for all working-age households and $12,000 for near retirement households.
* Public Workers: Don't count on your pensions
* Teamsters Pension Crisis Driving Deep Cuts For Retirees
* Warren Buffet Warns Of Public Pension Crisis
* In a survey of 1,000 retirement savers conducted for Charles Schwab, more than half said they had spent five hours or more doing research the last time they bought a car, and 39% said they spent more than five hours exploring vacation possibilities. Meanwhile, a mere 11% said they had spent that amount of time evaluating investment options for their 401(k). In fact, around one-third of savers said they spent less than an hour on investment research.
I could go on but I think you get the drift. Remember ONE 2-4 unit property will save you. If that is all you ever buy, once the loan is paid off you will live for free and receive rental income to support yourself.
Sandra@sandrashaud.com or 818-262-3250 if you have questions . Happy To Help!
Sandra@sandrashaud.com or 818-262-3250 if you have questions . Happy To Help!