These are intriguing times in the older law community due to the fact that of the truth that the population is aging so quickly.
The Social Security Administration says that there are roughly 10,000 people making an application for their Social Security advantages every day, and this in itself is stunning. The second half of the statistic is even more incredible: This lots of Americans will be applying for Social Security on a day-to-day basis each day for the next 2 decades.
This is due to the truth that the child boomer generation is reaching retirement age over the next 20 years. There was a recent AP-LifeGoesStrong. com survey carried out to try to get an understanding of how ready child boomers are for retirement from a financial viewpoint. The results painted a rather grim picture.
A shocking 44% of survey participants said that they were not at all confident that they would have the ability to conveniently satisfy their expenses throughout their retirement years. Around one-fourth of individuals who reacted to the survey had no retirement savings at all, and the median quantity that poll participants had actually saved was simply $40,000.
Approximately two-thirds of the infant boomers surveyed said that they would continue doing some work after retirement with 35% of these individuals specifying that they would be doing so out of monetary requirement. Some 24% of the individuals who took part in the survey stated that they would never retire due to the fact that they couldn’t manage to do without the paycheck.
Most of individuals who reacted said that Social Security would consist of many of their earnings during their retirement years. This is bad news because the typical Social Security payment in 2010 had to do with $1072.
Clearly, if you wish to be gotten ready for retirement you need to plan ahead beforehand. If you’re not exactly sure about where to start, a good initial step would be to schedule a consultation with a skilled retirement planning attorney.