These are fascinating times in the senior law community because of the truth that the population is aging so quickly.
The Social Security Administration states that there are approximately 10,000 people making an application for their Social Security benefits every day, and this in itself is spectacular. The 2nd half of the fact is even more incredible: This numerous Americans will be applying for Social Security on a day-to-day basis each day for the next two decades.
This is due to the fact that the infant boomer generation is reaching retirement age over the next 20 years. There was a recent AP-LifeGoesStrong. com poll carried out to attempt to gain an understanding of how prepared infant boomers are for retirement from a monetary point of view. The outcomes painted a rather grim picture.
A startling 44% of survey participants said that they were not confident that they would have the ability to comfortably meet their expenses throughout their retirement years. Around one-fourth of individuals who reacted to the poll had no retirement savings at all, and the mean amount that poll participants had actually saved 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 people specifying that they would be doing so out of monetary requirement. Some 24% of the individuals who took part in the poll said that they would never ever retire due to the fact that they could not manage to do without the income.
Most of the people who reacted stated that Social Security would consist of most of their earnings during their retirement years. This is bad news considering that the average Social Security payment in 2010 was about $1072.
Clearly, if you wish to be prepared for retirement you require to plan ahead ahead of time. If you’re uncertain about where to start, a good primary step would be to set up for an assessment with a skilled retirement planning attorney.