In today’s world, the financial situation, or should I say the lack of finances, is causing a large percentage of the population a lot of financial stress; people are preoccupied with how to cope with the economic situation in order make ends meet.
According to market watch and published by MSN money a study done by the NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
They found that certain communities were more prone to economic hardship and missing a paycheck would be devastating to them, as they would be unable to cover basic living expenses after missing more than one paycheck, this situation is mostly found in households where the annual income was $30.000 annually or less.
After working for a number of years we usually look forward to the time when we retire, having worked for 30 to 40 years we look with eager anticipation for a comfortable retirement.
But older workers are finding that it is very hard to retire at the age of 60-65 After four decades in an office or a factory because their savings have been wiped out or they do not have enough savings to live on during retirement.
It is advised that we need to be prepared to live 30 years without employment as the new life expectancy is 90 years.