These are fascinating times in the elder law community since of the reality that the population is aging so rapidly.
The Social Security Administration says that there are roughly 10,000 individuals making an application for their Social Security advantages every day, and this in itself is spectacular. The 2nd half of the fact is even more amazing: This lots of Americans will be applying for Social Security on a daily basis each day for the next 2 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 acquire an understanding of how prepared baby boomers are for retirement from a financial perspective. The outcomes painted a rather grim picture.
A stunning 44% of poll respondents stated that they were not confident that they would be able to comfortably fulfill their costs throughout their retirement years. Around one-fourth of individuals who reacted to the survey had no retirement cost savings at all, and the mean amount that survey participants had actually conserved was just $40,000.
Approximately two-thirds of the infant boomers polled stated that they would continue doing some work after retirement with 35% of these individuals mentioning that they would be doing so out of monetary need. Some 24% of the people who took part in the survey said that they would never retire due to the fact that they couldn’t afford to do without the income.
Most of individuals who responded stated that Social Security would make up most of their income during their retirement years. This is bad news since the average Social Security payout in 2010 was about $1072.
Clearly, if you wish to be prepared for retirement you need to plan ahead in advance. If you’re unsure about where to start, a good first step would be to organize for a consultation with an experienced retirement planning attorney.