One of the most difficult questions that we all have to face is “will we have enough money to retire”? According to United States Social Security Administration, the average social security benefits for an individual is approximately $ 1,300 per month (in 2017 dollars), that is if you retire at the ripe old age of 67. That age requirement applies to those who were born in 1960 or later but if you decide to retire at the age of 62, you would be eligible for much less. Regardless of $ 1,300 more or less per month, it would be safe to assume that it would be very difficult to survive during the latter years of your life with only that form of fixed income.
Do you think $ 1 Million Dollars is enough money for you to retire? Here is what one financial advisor thinks: Is $ 1 million dollars enough?
Experts estimate that about one-third of all U.S. workers do not have a pension or any savings. In a 2013 “Board of Governors of the Federal Reserve System” survey, they stated that 38% of respondents said they would work as long as they possibly could or that they had no plan or intention to retire. The survey also turned up some more interesting findings. For those who have a household income that’s less than $40,000 per year, over 50% plan to work as long as they can or just avoid retiring. About 65% of those polled said that they felt their family was “doing okay.” In a related CNBC report from mid-April of 2015, it was found that almost one-third of savers have less than $1,000 set aside for retirement. And in an Employee Benefit Research Institute (EBRI) survey found that 57% of near-retirees that were polled had less than $25,000 in savings. If you heeded advice to start saving for retirement in your 20’s, look for ways now to kick it up a notch……. money moves in your 30’s
With so many Americans struggling to just to make ends meet, how can one ever save up enough money to retire? Lets do the math so that we can quantify what lies ahead of us and then make the necessary changes in our financial lives so that maybe we will able to retire more comfortably.
Visit: retirement calculator to determine how much money you will need to retire by the time you’re 67 years old, then come back to finish. Thank you.
Ok…welcome back! What did you come up with? Based on your age and how much you currently have saved for retirement and how much you will have to save as a percentage of your income until you are 67 years old…….will you have enough? If your answer is YES?…..Congratulations! You are one of the very few individuals that have planned their retirement savings properly. Unfortunately, a vast majority of us are not as fortunate perhaps due to our circumstances or lack of discipline. If you fall into the majority in this case, you still have hope! Have you ever thought about going into business for yourself or with your family? Going into business for yourself may allow you to make the necessary income to allow you to comfortably retire into your golden years. There are so many choices of what business you may want to pursue based your strengths, tolerances, and of course your passion. There is one business that I know that will provide you with the necessary passive income that will allow you to live comfortably and to establish generational wealth for your heirs. Have you ever considered becoming a “Real Estate Investor”? This profession if done properly and diligently, can make more income in a shorter period of time than most other businesses. Its certainly not a bed of roses and I don’t want to portrait it that way by any means. To be successful in the Real Estate Investing business, it will take a lot of smart work and establishing the right relationships. If you are interested in looking into this potential opportunity, go and checkout a free website that is the “Facebook” for Real Estate Investors. They have a wealth of tools and information and you’ll quickly realize that the Real Estate Investing community is friendly and accommodating. Remember that RELATIONSHIPS will help you in the Real Estate Investing business. Their website is BiggerPockets There are a lot of those so called “Guru’s” that try and sell you programs, training and mentorship that costs thousands of your hard earned dollars. Remember that this blog is to try and help you save and make money, not waste it!
We hope hope that you’ll decide to become a Real Estate Investor so that your future wealth and savings will truly be the direct result of your efforts. If you are interested in investing in the Las Vegas, Nevada area or anywhere else for that matter, please check out our site where we offer properties at an extreme discount visit us here .