These are intriguing times in the elder law community because of the truth that the population is aging so rapidly.
The Social Security Administration says that there are around 10,000 people getting their Social Security advantages every day, and this in itself is stunning. The 2nd half of the fact is even more unbelievable: This many Americans will be applying for Social Security on a day-to-day basis each day for the next two decades.
This is due to the fact that the infant boomer generation is reaching retirement age over the next 20 years. There was a current AP-LifeGoesStrong. com survey conducted to attempt to acquire an understanding of how prepared infant boomers are for retirement from a financial viewpoint. The results painted a rather grim picture.
A startling 44% of survey respondents stated that they were not positive that they would be able to conveniently satisfy their costs during their retirement years. Around one-fourth of the people who reacted to the poll had no retirement cost savings at all, and the mean amount that survey respondents had conserved was just $40,000.
Approximately two-thirds of the infant boomers polled said that they would continue doing some work after retirement with 35% of these people specifying that they would be doing so out of financial need. Some 24% of the people who participated in the survey said that they would never retire due to the fact that they could not pay for to do without the paycheck.
Most of individuals who responded said that Social Security would comprise most of their income during their retirement years. This is not great news given that the typical Social Security payout in 2010 was about $1072.
Clearly, if you desire to be prepared for retirement you need to plan ahead ahead of time. If you’re not sure about where to start, a good initial step would be to set up for a consultation with an experienced retirement planning attorney.