Terrifying facts and statistics are keeping retirees like you up every night.
According to the Employee Benefit Research Institute, 46% of all American workers have less than $10,000 saved for retirement. Even more terrifying, 29% of all workers have less than $1,000 saved. It’s clear that many Americans are saving far too little for their retirement.
These are just some of the many terrifying facts that have been gathered from multiple studies:
- Only 42% of private sector workers (age 25 to 64) have any pension coverage in their current job.
- In a 2012 study, 30% of workers reported that they had less than $1,000 in savings and investments (as mentioned above).
- The 40% of earnings that social security covers during retirement is unlikely to provide for comfortable living.
- Almost 75% of retirees have not saved enough for retirement.
- One-third of households end up entirely dependent on Social Security.
- 56% of workers report that they have not attempted to calculate how much money they will need to have saved for a comfortable retirement.
- A 65-year-old couple retiring in 2012 was estimated to need $240,000 to cover medical expenses throughout their retirement.
- Only 14% of Americans think they’ll have enough money to live comfortably in retirement.
- Only 16% of American workers are very confident that they can depend on their investments to grow.
- Half of current retirees surveyed say they were forced to leave the work force unexpectedly as a result of health problems, disability, or getting laid off.
What can you do?
What can you do if you’re less-than-prepared for retirement? We offer our services nationwide. Reverse mortgages are a great opportunity for senior citizens to turn their home equity into a monthly source of income, and we will help you get the best value out of your home.
Don’t worry about your financial state any longer. Call us today.
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