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I Was Stunned
Written by Steve | Published: |
I was recently reading some economic research put out by Fidelity Retirement Analysis for Q1 2022.
They stated that Americans 65 and older have an average account balance of $279,997 and 35 to 44 year olds had an average of $97,020.
I was stunned at these two numbers.
Imagine that you are getting ready to retire and you have $279k in your retirement account. Assuming that you don’t lose any money in the market (which is a giant IF) that would only last you about 3-5 years or maybe less depending on how much you spend per month.
To me this is shocking because it means Americans in general are overly reliant on Social Security and trusting that the funds will be there for them when they need it.
Thankfully my clients are doing much better than this but my heart goes out to those that have not done the proper planning and sacrifice to build a strong retirement.
In our documentary “The Baby Boomer Dilemma” we were privileged to have Olivia Mitchell, Ph.D. Professor at Wharton and Executive Director of the Pension Research Council in our film.
She stated and I paraphrase that “it is estimated that Social Security will run out of money, not entirely, but such that all benefits, existing and future, will have to be cut by one-third in the year 2034. Alternatively, they would have to raise social security taxes between 60-80% to get enough funding for the program.”
Both of these are shocking numbers.
If you are relying on or planning to rely on social security payments at all your planning should include this type of social security reduction.
If you are still in your earning years how would a social security tax increase affect your wealth building goals?
We have some big problems to conquer and I believe that if we come together we can solve these problems.
This is one of the reasons why we wanted to bring awareness to these issues in the documentary.
If you would like to gain access to “The Baby Boomer Dilemma” or share it with your family and friends just send me an email and I will get you access.
Lastly, if you have not taken the necessary precautions to deal with this issue or the myriad of other retirement issues we are facing please reach out and we will see how we can help.
