Retirement planning is essential for all Americans. However, many retirees find themselves unprepared or realize that they don’t have as much to live on as they expected. Below are some facts and statistics you should know.
- Early Retirement is not an option for most Americans — A Gallup poll showed that younger Americans 18-29 are more likely to think they will retire early. As the realities of the economy and retirement set in, many realize this is not the case.
- Lower than expected retirement funds can be a challenge — Many American workers assume that they will collect more in retirement than they actually do. Faced with the realities, they often find it hard to get by in retirement.
- Many workers do not have a sufficient retirement plan in place — A TransAmerica Center survey shows that 77 percent of American workers save for retirement through employer-sponsored savings. A surprisingly large number of people have no retirement plan at all.
- Social Security is not enough — Social Security benefits are intended to be a resource for seniors after retirement. However, these funds are not enough to live on alone.
Read more about retirement planning on Yahoo Finance here.
Clearly, having a good retirement plan in place is essential. However, even the best-laid plans can fall apart.
One of the biggest issues for retirees is the lack of Social Security benefits. We believe that legislation called the Elder Relief Act is the answer.
If Congress passes this bill, retirement will forever change for Millions of Americans. Learn more about this important bill here.