These are fascinating times in the older law community since of the fact that the population is aging so quickly.
The Social Security Administration states that there are approximately 10,000 people looking for their Social Security benefits every day, and this in itself is spectacular. But the second half of the statistic is a lot more amazing: This many Americans will be applying for Social Security daily each day for the next 2 decades.
This is because of the reality that the child boomer generation is reaching retirement age over the next twenty years. There was a recent AP-LifeGoesStrong. com poll performed to try to acquire an understanding of how ready baby boomers are for retirement from a monetary point of view. The outcomes painted a rather grim picture.
A stunning 44% of poll respondents said that they were not at all positive that they would have the ability to conveniently meet their expenditures during their retirement years. Around one-fourth of the people who reacted to the poll had no retirement cost savings at all, and the average quantity that survey respondents had conserved was simply $40,000.
Approximately two-thirds of the child boomers surveyed said that they would continue doing some work after retirement with 35% of these people stating that they would be doing so out of financial requirement. Some 24% of the individuals who took part in the poll said that they would never retire due to the fact that they could not manage to do without the income.
Most of the people who responded said that Social Security would comprise most of their earnings during their retirement years. This is bad news given that the typical Social Security payment in 2010 was about $1072.
Clearly, if you want to be prepared for retirement you require to plan ahead ahead of time. If you’re uncertain about where to start, an excellent primary step would be to arrange for a consultation with an experienced retirement planning lawyer.