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$1 Million Doesn't Cut It for Retirement

$1 Million Doesn’t Cut It for Retirement

Conventional wisdom says you need to save $1 million for retirement.  

 75% of Baby Boomers Aren’t Prepared for Retirement 

 

There are 77 million Baby Boomers marching toward retirement as we speak. Some are 10 years away or less. Unfortunately, most are quite ill-prepared and ill-equipped to make their visions and expectations for retirement come true. They don’t know how much to save and to appropriately invest in order to create a portfolio that will last a lifetime of retirement. Only about 25% of Baby Boomers are confident about their retirement prospects and are on track for a comfortable retirement

If only about 25% are adequately prepared, what’s going to happen to the other 75%?

 

They’re going to realize how unprepared they are when it’s too late to do anything about it. They’ll have to keep working past the usual retirement ages of 65 to 70. Maybe part-time, maybe full-time.

 

What about Social Security?   Nobody knows whether Social Security will still be around, or at what age you’ll be able to claim benefits. The government could very easily raise the benefit age by five years or more as a way of preserving the program. From a financial perspective, I see a country that’s on the verge of a crisis. Only 20% of the Baby Boom generation has a company retirement plan (and even less are taking advantage of it). The other 80% are completely on their own.

 

But isn’t the Baby Boomer generation savvy about money?  Unfortunately, that’s a myth. Most baby boomers were never properly instructed about money. They didn’t study it in school. Their parents lived through the depression and as a result money was a taboo subject at home. Then the boom of the 80’s and 90s created the false impression that the stock market can always bail you out. That’s an illusion. You have to know how to think about money, especially long-term investments that yield income. Most Baby Boomers don’t have a clue.

 

Here is the BIG Question… Will you have enough money to last you for the  rest of your lifestyle  or will you have more life and less money? Will you have money to leave for your kids and grand kids or just exist and prey that you can afford  your life. 

 

The Gold Buy Sell Program is a no risk way to create Wealth Accumulation for yourself, your family and generations to come.

      

 

 

More from TheStreet.com: 

• Five Money Managers Who Got It Right

• The Most Fuel-Efficient Cars of 2010

• Sell Apple Before It’s Too Late

by Joe Mont
Sunday, March 21, 2010provided bycid:image002.gif@01CACB44.5532AEC0

That target may be easy to remember, but it falls short of the true cost of what’s required for post-career comfort. Longer life spans, the threat of inflation and the uncertain future of Social Security benefits make this long-touted savings advice inadequate for most, advisers say.

Scottrade recently polled 226 registered investment advisers on the topic and found that 71% don’t believe $1 million is enough for the average American family. Most said families need to save double, or more than triple, the amount.

“Younger generations, especially, need to set their retirement goals higher than other generations and start saving as early as possible,” says Craig Hogan, Scottrade’s director of customer-relationship management and reporting.

The survey solicited opinions about the current investment habits of Americans. Questions were broken down by generations to determine advisers’ opinions on average investment goals in today’s dollars for various groups.

Generation Y (ages 18 to 26) needs to save at least $2 million, according to 77% of advisers. Forty percent put the figure at $3 million.

Nearly half of advisers (46%) said Generation X (ages 27 to 42) should at least double the $1 million goal. Twenty-two percent suggested more than $3 million.

For Boomers (ages 43 to 64), 35% recommended $2 million to $3 million. Thirty percent suggested $1.5 million to $2 million.

According to Scottrade’s analysis, seniors are the only generation that may come close to needing only $1 million. Forty-four percent of advisers said $500,000 to $1.5 million is sufficient for average families in that age bracket.

Bill Smith, president of Ohio-based Great Lakes Retirement Group, is among the advisers who took part in the survey. As he sees it, too many people rely on online retirement calculators. Much of that guidance uses a target based on making do with 70% to 80% of pre-retirement income. 

All that being said the big question is How do I save or earn enough for my retirement ?

How do I save  or earn enough to pass on to my kids and grandkids?

Will I live longer then my money?

What if the market does not turn around? I have lost so much equity in my house.

Is there a “safe way” to bring me wealth generation?

The answer is Yes.

It is called Platform Trading. Our Professional Traders use gold arbitrage in a system called a “Managed Buy Sell Program”. Clients who have $50,000 to $1M or more in their own personal bank account can re-position funds to an asset management contract to earn incredible profits with the Trader in a “safe controlled environment” 

 

 

Joseph P. Tufo, President

CASH FLOW SPECIALISTS, INC.
925-522-0700 Direct


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