In a frightening reveal of Elder Law News, a new study shows that most Americans are facing such economic hardships that they are not preparing for retirement. According to a report in the LA Times, over fifty percent of all workers in the United States are not saving nearly enough money to cover even the most essential living expenses that they will incur during their retirement years. Retirement Lawyer Patricia Bloom-McDonald understands the hardships that American retirees may face.
Survey Shows America’ Retirement Woes
The survey, which was conducted by Fidelity Investments, found that as much as fifty-five percent of today’s workers in the United States will have to struggle to be able to buy just housing, food, and healthcare after retirement. Covering emergencies and having any “extra” will be almost impossible. This survey shows how important it can be to plan for your future. Estate Planning Lawyers and Real Estate Lawyers are well aware of how serious this situation can be. If you are interested in retirement planning, give Retirement Lawyer Patricia Bloom-McDonald a call today.
Many Americans Need Retirement Planning
As USA Today points out, this new survey showed just how badly many Americans struggle to make ends meet. Unlike 1997, when unemployment was at low levels and consumer confidence was high, this survey shows that the economy is much worse off. Kevin Keller, the CEO of the Consumer Federation of America and Certified Financial Planner Board of Standards explained, “Today the economy is in a far different place and Americans are worried about their financial future.” This means that Americans are now having to figure a retirement budget with a very limited incomes and resources. Finding a way to support themselves after retirement while maintaining an emergency fund and, in some cases, paying for college for their kids seems impossible.
How Retirement Planning Can Help
These frightening statistics become even worse the older the retiree is. As many as twenty-eight percent of Baby Boomers are scared that they will not even be able to cover necessities when they retire. There are many ways which retirement planning can help. Financial planning helps people avoid making serious mistakes which they can still be paying for after they retire. Credit cards is a good example. When lower income families have a retirement plan, they are less likely to collect large credit card bills which they could still be paying on after they retire. Sadly, only about thirty-seven percent of Americans have any sort of financial or retirement planning in place. If you need to speak with a Retirement Planning Lawyer, give Patricia Bloom-McDonald a call today.