Financial security may have gone out the window for many Americans for the next few years, and it may just get worse. As retirement draws closer, we’re conditioned to think we are going to be enjoying the fruits of our labors in our golden years. No more nose-to-the-grindstone and no more worrying about paychecks. But the stark reality is that this is not tenable for a number of Americans.
2020 has been a devastating year for many people, and if they weren’t in financial difficulty before, they may now have found themselves in a hole they can’t begin to dig out of. The fact of the matter is that studies show almost 60 percent of workers feel they haven’t yet fully recovered from the Great Recession and 8 percent who say they may never recover from the financial hardships they have been experiencing since.
Every single day in America, 10,000 Baby Boomers turn 65. This means that throughout the year, 365,000 new retirees are worried about money and their future. The sheer amount of folks who are feeling the strain on a daily basis is increasing. Retiring while you are in fear of being broke or not being able to cover your expenses as you get older is no way to go through life.
As if that were not enough, there are rampant concerns about the future of Social Security.
77 percent of Americans are concerned that Social Security won’t be available at all in the future when they are ready to retire.
If you don’t have the backup of Social Security, it could impact a ton of folks in a way we have not seen for a very long time, because at least 40 percent of older Americans actually rely only on Social Security income in retirement. This means that without it they could end up homeless and hungry. The estimated average Social Security retirement benefit this year is $1,503 a month. The most you will receive, if you retire at full retirement age is $3,011 a month.
It’s no wonder that some retirees or folks nearing retirement are living in a world of stress and fear, worrying about their future and the future of the people that rely on them. If you’re freaking out about retiring and wondering if you’ll be able to make it, you aren’t alone.
The statistics speak for themselves. The only way to get through retirement is to make sure you have your finances squared away and your investments and savings are on track. Social Security isn’t a thing of the past quite yet, but the fact that people are worried about it is an alarm bell that may be a sign of what retirement used to be..
Talk to your financial advisor and secure your retirement future.
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