One would think that a lifetime of savings would lead to a huge pile of cash. We probably all envision Mr. McDuck (depending on your age) diving into his pile of money like in Ducktales. Unfortunately, most Americans have not taken saving for retirement very seriously. An analysis conducted by the Government Accountability Office found that 29 percent of people 55 or older do not have retirement savings nor a traditional pension plan. The individuals that do have a retirement account have an average of $104,000 between the ages of 55 and 64(1).
How far could $104,000 at retirement take you? Well, rough numbers would say around two years living off 50k a year. You might say "but you are not factoring Social Security" and you would be correct. The average SSN income is only $1,230 per month (2). Yes, that is livable, but by eating "beans and rice and rice and beans" as Dave Ramsey likes to say. Your retirement years should be much better than that. A financial plan can help you get there. Begin to ask yourself this simple question, "what do I want to be able to do in retirement?"
Sources:
1. http://www.cnbc.com/…/most-older-americans-fall-short-on-re…
2. https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
