We can help you prepare for retirement.
18% of Americans are saving NONE of their annual income.
(SOURCE: MoneyWatch.com, June 9, 2022 “Here’s exactly how much money is in the average savings account in America (and psst: it’s a lot more than you might guess)” accessed August 11, 2022 https://www.marketwatch.com/picks/heres-exactly-how-much-money-is-in-the-average-savings-account-in-america-and-psst-you-might-feel-inadequate-in-comparison-01646168736#:~:text=And%20according%20to%20data%20from,while%20the%20median%20was%20only)
39% of Americans have NO MONEY set aside for retirement.
(SOURCE: GoBankingRates, June 28, 2022. “Half of Americans Don’t Have Enough Retirement Savings, New Study Shows” accessed September 19, 2022,
https://www.gobankingrates.com/retirement/planning/half-americans-do-not-have-enough-retirement-savings-new-study-shows/)
48% of Americans are saving LESS THAN $5,000 of their annual income.
(SOURCE: MoneyWatch.com, June 9, 2022. “Here’s exactly how much money is in the average savings account in America (and psst: it’s a lot more than you might guess)” accessed August 11, 2022, https://www.marketwatch.com/picks/heres-exactly-how-much-money-is-in-the-average-savings-account-in-america-and-psst-you-might-feel-inadequate-in-comparison-01646168736#)
50% of retirees stopped working earlier than planned. Health and Job Loss were the most common reasons.
(SOURCE: Merrill Lynch, “One of the most surprising things about retirement today” accessed August 11, 2022, https://www.ml.com/articles/surprising-thing-about-retirement-today.html)
Social Security benefits provide only about 30% of the income of the elderly
(SOURCE: Social Security Administration, “Fact Sheet Social Security” accessed August 11, 2022, https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf)
A healthy 65-Year-Old Couple will need $597,389 for health costs for the rest of their lives.
(SOURCE: HealthView Services, “2022 Retirement Healthcare Costs Data Report Brief,” Accessed August 11, 2022, https://hvsfinancial.com/wp-content/uploads/2022/03/HVS-Data-Report-Brief-0312222.pdf)
1 year in a skilled nursing facility can cost more than $122,000.
(SOURCE: SeniorLiving.org, “Skilled Nursing Costs” August 11, 2022, https://www.seniorliving.org/skilled-nursing/cost/)
About 61% of older millennials say they’re planning to work a second job or pick up part-time work during retirement.
(SOURCE: CNBC, July 22, 2021. “61% of older millennials believe they’ll be working at least part-time during retirement” accessed September 19, 2022, https://www.cnbc.com/2021/07/22/majority-of-older-millennials-believe-they-will-work-during-retirement.html)
Reasons American don’t save for retirement
- feel they don’t make enough money
- Feel like they are too young
- Prioritizing other investments
- It’s too complicated
- It’s too late to get started
- It’s too risky
(SOURCE: The Motley Fool, July 23, 2022. “3 Top Reasons Workers Are Not Saving for Retirement” accessed on September 19, 2022. https://www.fool.com/investing/2022/07/23/3-top-reasons-workers-are-not-saving-retirement/#:~:text=Not%20making%20enough%20money,have%20a%20job%20at%20all)
(SOURCE: Part Time Money, February 18, 2022. “7 Lame Reasons People Don’t Save for Retirement” accessed on September 19, 2022. https://ptmoney.com/7-retirement-savings-excuses-you-can-overcome/)
People who reach their mid-60’s without enough savings must either dramatically cut spending or keep working to survive.
(SOURCE: Investopedia, August 16, 2021. “Retirement Without Savings?” accessed September 19, 2022, https://www.investopedia.com/articles/personal-finance/111815/what-retirement-will-look-without-savings.asp)
Even a small amount put aside each week helps build retirement savings.
We can help you prepare for retirement. Start Now.
©2020, 2022, 2023 Western & Southern Financial Group
Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation. The information provided is for educational purposes only.
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