According to a Wells Fargo study:
The average savings of 50-somethings is only $29,000, which comes out to an income of $190 a month over 20 years assuming a 5% rate of return. According to the survey, only 33% of Americans have a detailed written retirement plan and 37% don't know how much they will need in retirement or how long they will be able to live on what they have saved. The survey found that 72% of Americans now expect to work through retirement, with 39% saying they will work because they have to and 33% saying they will do it because they want to.
Do you think that the same survey taken 20 years ago would show 72% of Americans expecting to work through retirement? I don’t. So whether it’s empirical or intuitive, people are smart enough to realize that the retirement game has changed. So if that’s true, do you want to be one of the 39% who think they’ll be forced to work, or one of the 33% who think they’ll want to work? I know which group I want to be in and we can help you design a plan that incorporates an I’m-looking-forward-to-it retirement component.
Be more than just prepared, be in control. Establish a plan that looks forward to retirement with realistic expectations and then you can live happy today knowing that you believe in the direction that you’re going.
