Good Day – Think you are Going to Retire from your Job?

Posted: March 23, 2010 in Uncategorized

Greeting everyone,

             This is Marc Turner and I love each and ever person that has been keeping up with my post. Well I want to make sure that I share something with you all that I believe that is Important, ” Your Retirement and how are you going to do it. Conventional wisdom says you need to save $1 million for retirement – 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.

     I want to share a few inserts that I read from the Street.com . I Believe that We all need to Wake up and to take our Future Seriously- Enjoy this!!!!

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.

    Now People, how is it that we can not see what is about to happen in the Future and not wake up. The System that we all once knew is now “Broken”. It is like I will have to go out and have to marry 5 women and have them all working 2 J.O.B.s (Saving 25-35% a Payday) in order to make enough for a Comfortable Retirement.  This is the sadist time for Americans that are not prepared for the Future. Even if you had an Awesome Career in the Military and wanted to do more than that would have to be limited.

 What are we thinking about when we say that its ok to work for someone for the Rest of your Lives. Well one thing that is very true about that statement is that you will work for the Rest of Your Life.

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.

“I’ve never been a big fan of planning to earn less in retirement than you are making now,” he says. “I’d like to see an individual continue making the same amount of retirement as when he was working. Who wants to set themselves up in retirement to make less?”

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.

 

Now I know that we all have heard the Statements Below but the Funny thing is it that we Truly do not plan for the Future. I won’t even say a certain Race or Color because that will be too Easy. Just make sure that you Read the Last statements Below.

Debt needs to be carefully considered as well as leaving money for the kids.

“There are two extremes,” Smith says. “There are individuals who say, ‘We don’t care if we have anything left the day we die — we are OK with that last check bouncing when we are gone.’ Then there are the individuals who don’t do anything in retirement because all of their decisions are made around, ‘I’ve got to leave it for the kids

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