These are interesting times in the senior law community because of the reality that the population is aging so rapidly.
The Social Security Administration says that there are roughly 10,000 individuals getting their Social Security advantages every day, and this in itself is stunning. The second half of the fact is even more unbelievable: This many Americans will be using for Social Security on a day-to-day basis each day for the next two decades.
This is due to the reality that the infant boomer generation is reaching retirement age over the next 20 years. There was a recent AP-LifeGoesStrong. com poll performed to try to gain an understanding of how prepared baby boomers are for retirement from a monetary perspective. The results painted a rather grim picture.
A surprising 44% of poll respondents said that they were not positive that they would have the ability to comfortably meet their expenditures during their retirement years. Around one-fourth of the people who responded to the survey had no retirement cost savings at all, and the average quantity that poll respondents had conserved was just $40,000.
Approximately two-thirds of the child boomers surveyed stated that they would continue doing some work after retirement with 35% of these individuals specifying that they would be doing so out of financial need. Some 24% of the people who took part in the survey said that they would never retire since they couldn’t manage to do without the income.
Most of individuals who reacted stated that Social Security would comprise most of their income during their retirement years. This is bad news since the typical Social Security payout in 2010 was about $1072.
Clearly, if you wish to be prepared for retirement you need to plan ahead beforehand. If you’re not sure about where to begin, an excellent very first step would be to schedule a consultation with a knowledgeable retirement planning attorney.