Survey Indicates Numerous Child Boomers Will Never Ever Retire
These are interesting times in the elder law neighborhood because of the reality that the population is aging so quickly.
The Social Security Administration says that there are roughly 10,000 individuals looking for their Social Security advantages every day, and this in itself is sensational. 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 truth that the child boomer generation is reaching retirement age over the next 20 years. There was a current AP-LifeGoesStrong. com poll conducted to attempt to get an understanding of how ready child boomers are for retirement from a monetary perspective. The outcomes painted a rather grim picture.
A shocking 44% of survey participants said that they were not confident that they would be able to comfortably fulfill their expenditures throughout their retirement years. Around one-fourth of the people who responded to the survey had no retirement savings at all, and the average quantity that poll respondents had conserved was just $40,000.
Approximately two-thirds of the baby boomers polled said that they would continue doing some work after retirement with 35% of these individuals stating that they would be doing so out of financial need. Some 24% of the people who participated in the poll stated that they would never ever retire since they could not pay for to do without the income.
Most of individuals who reacted stated that Social Security would make up the majority of their income during their retirement years. This is not excellent news given that the average Social Security payout in 2010 had to do with $1072.
Clearly, if you wish to be prepared for retirement you need to plan ahead in advance. If you’re unsure about where to begin, a great first action would be to schedule a consultation with a knowledgeable retirement planning lawyer.