Boomers aren’t saving enough in the short-term to adequately fund the long-term time in retirement.
One of the challenges facing boomers retiring is Most have not saved enough money to live comfortably in retirement.
And because life expectancy continues to increase so too does the risk of outliving one’s savings.
Only 23 percent of boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension. and future income from Social Security stagnates or even decreases
The retirement income for most of us reveals that many people are living on relatively little — and due to the high cost of living their incomes are shrinking over time, too. Fortunately, there is an action that can be taken to elevate this situation. You can start your own business.
Living beyond your income cannot continue for very long without getting into trouble, you will end up borrowing or using credit cards with very high-interest rates.
I know from experience having to cut back drastically on your spending, having to do without things that you have become accustomed to having is hard.
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We all know it’s important to save for retirement. But too much of us have not done so. Some of us have put off saving for retirement, for one reason or another and now we are nearing retirement we discover we do not have money saved for retirement.
Just how much money will we need for retirement? No one knows for sure some financial experts suggest between $500.00.00 to $1,000000.00
It is suggested that you should be saving at least 20% of your salary per month