According to a recent study, approximately 1 in 4 Americans say they are worried about money on a daily basis.
Why Being Worried About Money is So Common
Baby boomers say that their biggest financial challenge is (or was) planning for retirement. Many say that they are worried about being in debt forever, never being able to fully retire and living paycheck to paycheck their entire lives.
It’s clear that today’s seniors are less confident about having enough money for a comfortable retirement.
Before the recent economical struggles many older workers anticipated a retirement in which they would be able to live off their Social Security and the interest generated by their investments.
But the economy tanked, and Federal Reserve lowered rates to near zero. This then wiped away many people’s plans for retirement income.
Being Unprepared Has a Domino Effect
Today, many of those same people remain financially unprepared for retirement. In a 2012 study, 30% of workers reported that they had less than $1,000 in savings and investments and 56% of workers report that they had not attempted to calculate how much money they would need for a comfortable retirement.
To make up for their lack of saving for the future, many workers plan to save more money later, postpone retirement or continue to work after they retire from their primary job. In other words, retirement may not live up to expectation and may be full of financial struggle from day one.
Retirees Have More Options
On a positive note, a new study finds that among those already retired, 39% say they are very confident of a financially secure retirement. This is more than double the amount of people from just three years ago when the economy was still struggling.
Perhaps this is also thanks to the fact that baby boomers can breathe easier because of the options available to them.
For instance, more and more financial advisors are discovering the usefulness of resources such as the reverse mortgage as a line of credit. It’s a wonderful hedge against inflation that gives borrowers future borrowing power, allowing them to live comfortably despite lack of retirement preparation. This financial resource along with strategic financial planning is showing to be a lifesaver for many.
If you’re worried about money in retirement, consider a reverse mortgage. Have questions? Get in touch!
dept of edu
Hey there fantastic blog! Does running a blog such as this require a great deal of work? I have no understanding of computer programming but I was hoping to start my own blog in the near future. Anyhow, if you have any recommendations or techniques for new blog owners please share. I understand this is off subject nevertheless I simply had to ask. Kudos!
http://educlue.eu
zrevers
Hi klasoonmuhlhy@gmail.com and thank you for the kind words. We would suggest you look at upwork.com as it is a community of freelancers that possess different types of skills. You can post your job on there and have them bid for your business. I suggest you have someone develop it in word press as it is very easy to manage for people with little or no programming/coding skills. I hope this helps.
financial advisor help
An outstanding share! I’ve just forwarded this onto a coworker who had been doing a little homework on this. And he in fact ordered me lunch because I discovered it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanks for spending the time to talk about this issue here on your website.
financial advisor help
zrevers
Thank you @jedwedsm@gmail.com Im glad we could be of help.
money investment advice
First of all I want to say wonderful blog! I had a quick question which I’d like to ask if you do not mind. I was interested to find out how you center yourself and clear your mind before writing. I’ve had difficulty clearing my thoughts in getting my thoughts out. I do enjoy writing however it just seems like the first 10 to 15 minutes are generally wasted simply just trying to figure out how to begin. Any recommendations or hints? Many thanks!
money investment advice http://financetip.eu