With older workers having lost 25% of their income over the last 9 years, and with little time to make up for their losses...what is the most reasonable plan you can offer to help them prepare for retirement? Think about it...Dennis
Most Seniors Are In Danger Of Outliving Their Retirement Savings
In an ideal world, retirees would tuck at least 70% of their pre-retirement income by the time they're ready to leave the workforce.
Unfortunately, there's nothing ideal about the savings climate in the US today.
For the most part, today's seniors are living off about 57% of the income of workers a generation behind them--an average of $35,107 a year.
The average Social Security check for a retired worker at the start of 2012 was $1,230 a month, or $14,760 a year. A recent study by Fidelity Investments found the average balance in retirees' 401(k) plans was $120,400 at the end of 2012 –– enough to give them $400/month for 30 years.
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