The Scary Truth About Your Retirement…
Most people never really think about retirement. I know I didn’t…until it suddenly hit me that with our current economy and the uncertainty of the future I’d better plan things differently.
It’s true that today, the financial security of American workers is more uncertain than it has been in decades. We’re now all watching private pensions collapse and public sources come under pressure. The news is full of stories about the mounting research showing that most Americans are ill prepared to cope with the task of creating a nest egg to rely on when we’re too old to work. We think our 401(k)s will be the answer, but no matter how well you think you are saving, the list of risks is a long one, according to Alicia H. Munnell, director of the Center for Retirement Research.
The National Retirement Risk Index (NRRI) has shown that even if households work to age 65 and annuitize all their financial assets, including the receipts from reverse mortgages on their homes, nearly 45% will be ‘at risk’ of being unable to maintain their standard of living in retirement.
Now that’s scary!
The average baby boomer today will need well over one million dollars in the bank when they retire to continue enjoying the lifestyle that they are accustomed too! Think about it! How close are you to that million?
A better question is…What are you currently doing about this?
Financial security may seem tougher to reach than ever, but there ARE things you can do. If you want to help ensure you have the nest egg you need to retire with plenty of money in the bank, then it’s time to start RIGHT NOW! Experts say developing a second passive income can greatly help change your financial picture. And that’s exactly what I have done and I would recommend you do also.
Bottom line people, you are responsible for your own financial future and security. Don’t wait until it is too late to start preparing for your retirement. And don’t be fooled into thinking that your 401k’s is going to be the “golden nest egg” that they promise that they are going to be. (Remember Enron) Prepare for the worst and if it never comes then you are that much more in the clear.
If you want to learn more about how to create a second income then click here to go to my website and find out how I built my stream of passive income.
Oh! This is awesome! Thanks for countering many
misunderstandings I had heard about this as of late.
I didn’t understand the concluding part of your article, could you please explain it more?