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Why You Should Be Worried About Retirement

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A hard look at the future of most Americans at retirement, with facts and figures to make you worry about retirement and start saving more. Covers retirement readiness, social security income, …

A hard look at the future of most Americans at retirement, with facts and figures to make you worry about retirement and start saving more. Covers retirement readiness, social security income, medicare premiums and more. Read this is you want to be prepared for a comfortable retirement.

Published in: Economy & Finance, Business

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  • As one of the largest fee-only investment managers in the state of Georgia, our job is to help you chart out your own course to retirement. Here, presenters should place their credibility statement, education, title, and/or years of experience.
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    • 1. WHY YOU NEED TO START SAVING FOR RETIREMENT Saunders Learning Group, Newton, KS
    • 2. FLOYD SAUNDERS Author: Family Financial Freedom, College Without Ramen Noodles, 10 Steps to Financial Security, Figuring Out Wall Street and other books ! Saunders Saunders Learning Group, Newton, KS Learning Group, provide educa9onal resources to the financial services industry and offers unbiased product free seminars on financial planning, money management and inves9ng. SLG is based in Andover, KS. ! Since 1996 we have providing clients with personal Money Management and Inves9ng training tailored individual circumstances and objec9ves rather than advisor incen9ves or commissions. ! Our workshops are product free – We only provide educa9on.
    • 3. By 2030, almost 20% of Americans will be retirees 65 years or older. hLp://www.nia.nih.gov/newsroom/2006/03/drama9c-­‐changes-­‐us-­‐aging-­‐highlighted-­‐new-­‐census-­‐nih-­‐report Saunders Learning Group, Newton, KS
    • 4. For the next 15 years, 10,000 Baby Boomers will retire each day. hLp://www.pewresearch.org/daily-­‐number/baby-­‐boomers-­‐re9re/ Saunders Learning Group, Newton, KS
    • 5. Your future: • Overpopulation • All vying for • Government programs • Private pensions • Medicare. hLp://www.investopedia.com/financial-­‐edge/0412/the-­‐future-­‐of-­‐medicare-­‐why-­‐you-­‐should-­‐be-­‐worried.aspx Saunders Learning Group, Newton, KS
    • 6. Most retirees will need to continue working to supplement their income. hLp://money.usnews.com/money/blogs/the-­‐best-­‐life/2010/10/07/10-­‐reasons-­‐seniors-­‐con9nue-­‐to-­‐work Saunders Learning Group, Newton, KS
    • 7. Nearly 3.6 million elderly people (8.7%) lived below the poverty level in 2011 hLp://money.msn.com/re9rement/poverty-­‐rising-­‐among-­‐us-­‐re9rees-­‐usnews.aspx Saunders Learning Group, Newton, KS
    • 8. What will you need for retirement? Saunders Learning Group, Newton, KS
    • 9. . 46% of Americans have less than $10,000 saved for re9rement, Saunders Learning Group, Newton, KS 36% have less than $1,000.
    • 10. Saunders Learning Group, Newton, KS
    • 11. MORE THAN A THIRD OF HOUSEHOLDS END UP WITH INADEQUATE 401(K) BALANCES. Saunders Learning Group, Newton, KS
    • 12. AMERICAN WORKERS ARE $6.6 TRILLION SHORT OF WHAT THEY NEED TO RETIRE COMFORTABLY. Saunders Learning Group, Newton, KS hLp://www.cnbc.com/id/39177278
    • 13. WILL YOU BE ABLE TO RETIRE? of workers expects to conPnue working while rePred. of the Baby Boomer generaPon plan to work unPl they die. of those about to rePre are not confident they will have enough money to live comfortably. of workers haven’t bothered to figure how much they’ll need to rePre comfortably. Saunders Learning Group, Newton, KS
    • 14. ONE-­‐THIRD OF HOUSEHOLDS END UP ENTIRELY DEPENDENT ON SOCIAL SECURITY; FOR LOW EARNERS THAT PORTION IS Saunders Learning Group, Newton, KS 75%. (Source: Center for Re;rement Research)
    • 15. Saunders Learning Group, Newton, KS
    • 16. AVERAGE MONTHLY SOCIAL SECURITY BENEFIT FOR A RETIRED WORKER IS ABOUT $1,230. A retirement income of $14,760 a year is far from enough. Link: hLp://ssa-­‐custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-­‐monthly-­‐social-­‐security-­‐benefit-­‐for-­‐a-­‐re9red-­‐worker Saunders Learning Group, Newton, KS
    • 17. CAN YOU AFFORD TO RETIRE? Saunders Learning Group, Newton, KS Wait, it gets worse. That $1,229 a month is what you get before any Medicare premiums are deducted. RePring soon? You will need $240,000 to cover medical expenses. (Source: Fidelity Investments). On Medicare? Plan on spending $38,688 during the last five years of your life. Source: Mount Sinai School of Medicine).
    • 18. MEDICARE PROGRAM TYPICAL MONTHLY PREMIUM Part A $0.00 Part B $99.90 Medigap $164.67 Part D $39.62 Total $304.19 Saunders Learning Group, Newton, KS
    • 19. WHAT WILL YOU NEED TO RETIRE IN COMFORT? The typical American h ousehold in 2010 spending $48,109 a year. + Medicare Premiums $3,650.28 Net Annual Spending $51,759.28 Social Security income $14,748.00 Gap = $37,011.28 Required to cover gap $925,282.00 Saunders Learning Group, Newton, KS
    • 20. YOU CAN’T COUNT ON SOCIAL SECURITY Full Benefits For the next 20 yrs. Saunders Learning Group, Newton, KS 75% of promised benefits For the next 75 yrs.
    • 21. Saunders Learning Group, Newton, KS
    • 22. Saunders Learning Group, Newton, KS Available for all eReaders: Order from Amazon For the Nook from Barnes & Noble Available in Paperback From Fast Pencil hLp://www.fastpencil.com/ publica9ons/4523-­‐Family-­‐Financial-­‐ Freedom

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