There was some polling conducted last year by the Associated Press in tandem with the popular website LifeGoesStrong.com and they came to some interesting if somewhat disturbing conclusions.
The objective was to place a finger on the pulse of the baby boomer generation with regard to retirement preparedness. These individuals are reaching retirement age right now and approximately 10,000 boomers are applying for Social Security every day.
Conclusions that were reached were not very encouraging, and they underscore the need for advance planning.
Approximately one out of every four individuals who responded said that he or she would never be able to retire because the money simply wasn’t there. The majority said that they would be relying on Social Security for most of their income, but in the beginning of 2012 the average Social Security check was around $1100.
The mean amount of money that these individuals had saved for retirement was $40,000, and 24% had absolutely nothing saved for their retirement years.
Overall a majority of the respondents stated that they were not confident that they would be able to enjoy a comfortable retirement.
The statistics paint a very clear picture. If you are going to be able to enjoy your golden years in comfort you must develop an intelligently conceived financial plan and stick to it over a sustained period of time. Should you be interested in devising such a plan, take action right now to set up an informative consultation with a seasoned, savvy Waite Hill OH retirement planning lawyer.