Ominous retirement planning surveys were released from Ameriprise Financial (AMP) and Wells Fargo (WFC) last month. Apparently respondents aged 40 to 75 in the nation’s largest cities were significantly less confident this year than last about their ability to retire.
Retirement Planning Sentiments
Retirement-related anxiety and depression is becoming commonplace around retirement planning.
Another report on retirement planning based on a poll of 1,500 middle-class Americans, simply states that “80 is the new 65,” for retirement. 74% of middle-class respondents expect to work past the traditional retirement age, and 25% expect to work until at least 80.
Retirement Planning inadequate?
The Society of Actuaries, LIMRA and the International Foundation for Retirement Education report that most retirement planning is basically inadequate.
In fact USA Today reports “more Americans are finding themselves in their 50s and 60s with practically no money saved for retirement.”
Retirement Planning failed?
The Employee Benefit Research Institute reports 56% of workers say they have less than $25,000 in savings. With 3% inflation and a 5% annual return from investments, a 65-year-old needs $1.1 million saved for a modest income of $50,000 a year in inflation-adjusted dollars.
What to do? Obviously the old Plan A of work hard at a good job and save is not enough for retirement planning in today’s economy.
Retirement Planning of the Wealthy
What do the wealthy do? The answer may surprise you. It’s simply what they buy on payday, that is making a difference.
If you want to know what the wealthy buy on payday, and why it makes such a big difference in their future, study the link below. You can join them, easier than you think…
To Your Empowerment!
John
P.S. What the wealthy buy on payday that eliminates their retirement planning problems is HERE.
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