Can I Depend On Social Security For Retirement? With all the concern over the solvency of Social Security, many are concerned, and rightly so, that Social Security may not be a dependable source of income during retirement. Worse yet, will Social Security even be around
Does Your Portfolio Need Some Energy?
Is Your Portfolio In Need Of Some Energy? In recent months, oil and natural gas have been getting headlines, as the U.S. has slowly climbed the ladder becoming one of the leading producers of oil in the world. While these new discoveries aren’t going to
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The Risks Associated With Emerging Markets
Are Emerging Markets Too Risky? In any economy, trying to determine whether an investment is worth the risk is often a very difficult decision. As of recent years, Emerging markets have been viewed as having amazing profit potential, and being one of few investments offering
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: Are Emerging Markets Too Risky, currency devaluation a problem for emerging markets, emerging markets, inflation a risk factor in emerging markets, Risks Associated With Emerging MArkets
Volatility Is Hitting Wall Street
Wall Street Is Entering A Period Of Volatility For awhile, there was some smooth sailing and some serious highs for investors to enjoy on Wall Street. For those brave enough to get in early, the going was good and the returns, even better. Lately, however,
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: Central Bankers, is volatility here to stay, market volatility, volatility, volatility is hitting wall street, volatility on wall street, wall street is entering a period of volatility
Can I Plan On Social Security When I Retire?
Can I Depend On Social Security For Retirement?
With all the concern over the solvency of Social Security, many are concerned, and rightly so, that Social Security may not be a dependable source of income during retirement. Worse yet, will Social Security even be around when you are ready to retire? For years, Americans have relied heavily on Social Security for retirement income. After paying into the program for all your working years, it seems reasonable to expect a certain return when you leave the work force. Unfortunately, Social Security has been under siege by an every growing elderly population, and a shrinking work force. For the first time ever, we will actually too few people working to support the massive amount of retirees. Because the deficit is based on the sheer volume of retirees, there is no clear and obvious solution to the problem. Following are some of the proposals being made on how to keep Social Security afloat.
Unthinkable Solutions To Save Social Security
Many of the suggestions out there to keep Social Security solvent are awfully hard to swallow for those impacted. One obvious idea, although not very well received, is simply raising payroll taxes to accommodate the increasing need. Another idea is to reduce the benefits received by higher income individuals. Some individuals feel that the fund would benefit by investing more in stocks and commercial bonds. Possibly the most commonly spoken of idea is to increase the retirement age. The retirement age has already gone from 65 years old to 67 years old, increasing it further could be very upsetting for retirees who are planning on retiring earlier than that.
Subtle Solutions To Save Social Security
There are other solutions out there that are a little more subtle and less in your face. These primarily include changing the way cost of living adjustments (cola) are calculated. Currently, cola is calculated by using a fixed basket of goods commonly used by consumers to see the changes in prices. The new proposal would decrease cola by using “chained CPI” meaning an assumption is made that if the price goes up on an item, people adjust by buying a similar and cheaper item. The result is less money going out in inflation adjustments. The big concern with chained CPI, is that it greatly underestimates the cost of living for the elderly. Living on Social Security is tight enough, without big changes being made to cola.
Social Security May Get Smaller But It Won’t Disappear
In all likelihood, Social Security is not going to totally disappear from the picture, however, there will probably be higher cost towards social security by workers via income taxes, and in all likelihood the elderly will get fewer benefits over the long haul. While this is disappointing, it is also the reality of the situation. If you are planning on relying solely on Social Security as your primary source of retirement income, you will probably be looking at a future of poverty. To avoid this, it requires diligence and planning in your younger years to ensure you are well equipped financially for your retirement years. For more information on how to be adequately prepared for retirement, speak to a Redhawk Wealth Advisor near you today.
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Are You Making Excuses To Justify Not Saving For Retirement?
Why Are you Not Saving For Retirement?
I will start saving my money for retirement when…my student loans are paid off, when the house projects are completed, when the kid’s college is paid for, when I get a raise…the excuses and reasons are limitless as to why you aren’t saving for retirement diligently. In a recent survey by the employee Benefit Research, over 54% of Americans have less than $25,000 put aside for retirement. As the excuses pile up, the reality of the matter is, Americans will not enjoy a full and wonderful retirement unless they get their act together in retirement saving.
The Six Most Common Reasons Americans Are Not Saving For Retirement
1. Paying For Kids College Is Delaying Retirement Savings
As the cost of higher education is on the rise, many parents have felt the responsibility of helping their kids save for college. Unfortunately, in most homes, paying for college has come at the expense of retirement planning. For students, even though it may be unpleasant, there are always the options of scholarships, grants and student loans. Retirees don’t have the option of taking out a Federal loan for retirement. It’s either put money aside, or don’t retire. If it’s your children’s well-being you are concerned for, imagine how your child will feel if you become a burden later in life because you didn’t adequately prepare yourself for retirement.
2. Don’t Bank On A Bad Gene Pool As An Excuse Not To Save For Retirement
One of the biggest mistakes people can make is making the assumption that they don’t need to save for retirement because they will probably die too young to need to retire. Just because dad or grandpa died at 60 of a heart attack, is no reason to assume that you will follow the same pattern. With improvements in modern medicine people are living longer and healthier than ever before. The worst case scenario is the penniless 99 year-old who didn’t adequately prepare for his retirement.
3. Don’t Plan on Relying Solely On Social Security For Retirement Savings!
Have you been watching the news recently? According to the most recent data, Social Security is currently projected to run out of reserves by the year 2037. Unless something is done by congress to change the deficit in funding for social security, younger Americans can only expect 75% of their benefits at best. The current benefits awarded to seniors are just barely above the poverty line. When that decreases, seniors will need their own savings to draw from just to make ends meet in retirement.
4. Working Forever Is Not A Retirement Plan
Even though you may think you have no desire to retire and plan on working until the very end, many things in life are outside of our control. The number one reason people are forced to quit working early is due to health problems for themselves or a loved one. A co-worker of mine, for example, planned on working until she physically couldn’t work anymore. At 70 years old, she was forced into “early retirement” when her husband became very ill and she had to stay home to care for him. In her situation, she would have never planned on that being an issue, but it’s essential to have a retirement savings to fall back on in case life happens and you are forced to retire.
5. I have Too Many Expenses Right Now To Save For Retirement
The next big excuse, is that life is too expenses and that it’s impossible to rob from current expenses to salt away money for retirement. If you’re in this situation and you are just too strapped to think of even one more financial outlay, your solution may be the old-fashioned budget. By putting yourself on a strict spending budget, and working hard on credit card debt, you may be able to find a little extra to put towards retirement.
6. Unemployment Is Preventing Me From Saving For Retirement
Of all the excuses, this is probably the most legitimate and most difficult to work around. If you’re income has stopped due to unemployment you may have no choice but to put retirement on hold for the meantime until you find another job and begin making an income again. Once you are back on your feet, kicking it down and saving hard for retirement will be essential.
The point of the matter is, there are always reasons why saving for retirement is “impossible”. However, I’d like to encourage you to make it a priority in your life. Begin this month, setting aside money each and every pay period to put towards your future. When you reach retirement age, you will be so glad you took the time to plan ahead. For more information on obtaining financial freedom in retirement and how to manage your retirement portfolio, speak to a Redhawk Wealth advisor near you today.
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Does Your Portfolio Need Some Energy?
Is Your Portfolio In Need Of Some Energy?
In recent months, oil and natural gas have been getting headlines, as the U.S. has slowly climbed the ladder becoming one of the leading producers of oil in the world. While these new discoveries aren’t going to bring the cost of oil back down to a $1 a gallon, there are endless ways the energy boom in the U.S. could open doors for investors.
U.S. Oil Production Is Increasing
The U.S. is currently the fastest growing non-OPEC oil producer, production has increased to 7 million barrels a day, up from 5.7 million barrels/day in 2011. Most of the new oil supply is coming from land based sources, which are a lot more costly to extract than water-based oil sources. According to Ted Davis, the manager of Fidelity Select Natural Gas: “Companies need $85-$90 a barrel for capital investment to grow in these regions.” However, with all of the attention the land-based oil producers have been garnering, there is a real neglect of offshore drilling opportunities. For investors, there is tremendous potential for expansion in both off-shore and land-based opportunities
The BP Oil Spill Decreased Off-Shore Oil Expansion
Every since the BP oil spill in 2010, the focus has primarily been on land-based drilling. Recently, the amount of oil rigs in the golf has gone back up to around 53 rigs, which is where they were at pre-oil spill. Off-shore exploration is expected to increase, which in conjunction with the land-based oil resources could really bolster oil production in the next several years.
There Is Tremendous Investment Opportunities In Oil And Energy
As the supplies of oil and natural gas are increasing there are many industries set to benefit including chemicals, railroads, and production companies. As an investor now is the time to get involved before these industries take off. If you haven’t yet made room for energy in your portfolio, now may be a great time to consider it. Speak to a Redhawk Financial Advisor today about energy stocks and other companies surrounding the production of oil and natural gas, to see if you could benefit financially from the current energy boom.
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: bp oil spill, does your portfolio need some energy, investment opportunities, is your portfolio in need of some energy, oil and energy, tremendous investment opportunities, u.s. oil production, u.s. oil production is increasing
The Risks Associated With Emerging Markets
Are Emerging Markets Too Risky?
In any economy, trying to determine whether an investment is worth the risk is often a very difficult decision. As of recent years, Emerging markets have been viewed as having amazing profit potential, and being one of few investments offering significant yield and return on the investment. However, in recent months, many question whether or not it is wise to sink your assets into the volatility of emerging markets. Richard Bernstein, a well respected executive of Richard Bernstein Advisors LLC commented that “People have grossly underestimated the risks in the emerging markets.” His feeling is that the earnings that are expected out of the emerging markets are a little exaggerated, and that these markets are also prone to inflation.
Inflation a Risk Factor In Emerging Markets
Inflation can be a huge risk for Emerging markets. Take turkey for example, in June Turkey announced that inflation will rise in June and July duet to base effects. Emerging Markets are also more susceptible to the effects of a bubble economy. Many markets like Mexico and Thailand have relied on the housing market in China as a source of exports. China’s housing market is currently overpriced, and at some point a correction can be expected.
Currency Devaluation a Problem For Emerging Markets
Another factor that could be detrimental to Emerging markets is the devaluation of currencies due to global stimulus. Japan, for example, has recently committed to $1.4 trillion in stimulus into its economy in less than two years time. This could be difficult for emerging bond markets in the economies neighboring Japan.
Regardless of the reason, there are many factors pointing to volatility in the emerging markets. The window of time may have ended in which emerging markets were great investments, with more chance for reward than risk. Today, there may be better investment choices available to investors. For more information on which investments are expected to perform in today’s economy, speak to a Redhawk Wealth Advisor near you today.
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: Are Emerging Markets Too Risky, currency devaluation a problem for emerging markets, emerging markets, inflation a risk factor in emerging markets, Risks Associated With Emerging MArkets
Volatility Is Hitting Wall Street
Wall Street Is Entering A Period Of Volatility
For awhile, there was some smooth sailing and some serious highs for investors to enjoy on Wall Street. For those brave enough to get in early, the going was good and the returns, even better. Lately, however, volatility has kicked it up a notch, and June has taken investors for a wild ride with the Dow swinging more than 100 points during 7 out of the 8 trading days in June. The two primary gauges for volatility the “Fear and Greed Index” and the Chicago board Options Exchange’s Volatility index have moved towards obvious volatility. The Fear and Greed shifted from a comfortable ride with “Greed” to a sudden switch towards “fear”. The Volatility index jumped up 42% in the past six weeks, which is significant for that particular index.
Is Volatility On Wall Street Here To Stay?
Jamie Tyrell VIX trader at Group One Trading feels that unfortunately, volatility may be here to stay for awhile. He’s expecting a prolonged period of time where the DOW and the S&P 500 experience some pretty big swings. The primary reasons for the volatility are the Central bankers. Central Bankers at the FED, the ECB and the Bank of Japan have been in the bond buying business, which has boosted the stock markets over the last year. However, recent sentiment expressed by central bankers, indicates that central banks may not be dependable to keep bolstering stock market growth.
Central Bankers Play A Huge Roll In Market Volatility
If you’ve paid attention to the Fed Minutes, you’ll see the stock market yo-yo with each announcement from the Fed. Additionally, the U.S. treasury note has recently gone from 1.6% to 2.2% interest rates, indicating that easing is no longer suppressing interest rates. For more information on how to play the markets given the current volatility, it’s very important that you stay a step ahead of the economy and remain prepared for whatever lies ahead. In any economy, regardless of the state of the “fear and greed” index, there is money to be made, and profit to be generated. It’s simply a matter of getting in the right investments at the right time. For more information on which investments are expected to perform given today’s economy, speak to a Redhawk Wealth Advisor near you today.
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: Central Bankers, is volatility here to stay, market volatility, volatility, volatility is hitting wall street, volatility on wall street, wall street is entering a period of volatility
World Bank Cuts Global Growth Outlook
World Bank Cuts its Global Growth Outlook
In spite of its optimism for an improving global economy, the World Bank has lowered its expectations for global growth in the upcoming year. Due to the recession in Europe that has been deeper and longer lived than anticipated, and a slow-down in some of the emerging markets, expectations have been brought back down to earth as far as world-wide economic growth.
Why The Lower Growth Outlook?
For the emerging markets, much of the growth prior to the worldwide recessions was spurred on by other countries and their ability to consume resources. With recession at every turn, these emerging markets have had no choice but to bolster their own growth based on structural reforms. Places like Brazil, India, Russia and China, can expect a much lower forecast for growth next year. Rather than big jumps they may see growth go from 5.6% next year to 5.7% of GDP in 2015.
GDP Will Be Only 2.2% for Global Growth
Last year, the actual world’s entire gross domestic product was 2.3 percent. This year, they have slightly lessened their numbers and the anticipated GDP is only 2.2% this year. Previously, it had been expected that the world’s growth rate would increase slightly to 2.4% this year.
What Can the World Economy Expect Going Forward?
In recent years, the global economy has been characterized by volatility and lack of predictability. Looking forward, we may see growth rates slow, but hopefully things will be far less volatile and more predictable for investors. Currently, the World Bank is holding onto hopes that the global economy will grow as high as 3.3% by 2015. Slower growth may not be an entirely bad thing. According to Andrew Burns, the lead author in the World Bank report, he stated: “Growth is not slower because of inadequate demand but rather because, in our view, the very strong growth we saw in the pre-crisis period was due to that bubble phenomenon.” The elimination of “bubbles” is a very positive thing that should produce lasting growth and less volatility for the world’s economy.
As an investor, you may be wondering how the slowing of growth affects you and your investments? For more information on the markets and how they may be expected to respond to the current growth predictions, speak to a Redhawk Financial Advisor near you.
Is The Stock Market Looking Bearish Or Bullish Going Forward?
Do The Market Bears Have A Point?
For long-term hard core market bears, the last several months have been excruciatingly painful as the markets have marched still higher and higher in spite of protest from those in the bear camp. In spite of warnings about the debt ceiling, and the long-term prognosis of the dollar, the Euro and other world currencies, the stock market has refused to heed warning and has hit all new highs this last spring. However, it may be possible that the tides are turning in favor of our market bears. In fact, the last bit of good news when it was announced that the NFIB Small business index hit the highest level since Dec. 2007 was ignored, and the stock market seems to be pausing and deciding which direction to go next.
The Economy, Calamity Or Improvement?
For market bears, the economy is always on the brink of disaster. From the sequester, to the Eurozone, to China, we are one step away from a major stock market crash that will send investors scurrying back into hiding. Others are contending that the economy is showing improvement. The housing market is improving, small businesses are doing better, more jobs are being added each month. Why dwell in negativity?
What Does The Future Predict For The Stock Market?
The reality is, the stock market will not keep marching upwards forever. Whether you’re a market bear or a market cheerleader, all good things come to an end. A wise investor must be able to determine when it’s time to get in, and when it’s time to jump ship. Due to the extended time we’ve been on a Bull Run, it’s time to start looking for some Bearish catalysts. Some possible issues for the markets are Japan, with the movement in the Yen and it’s being driven by the central banks, Europe and troubles with Greece and Germany, the violence in Turkey. If you’re watching headlines, there are many things going on around the world that could trigger some bearishness in the markets.
What Drives The Markets?
The Current factors that are driving our market are:
-The state of the Fed and Central Banks
-The Outlook for the economies around the globe
-Interest rates
-Europe’s ongoing state of crisis.
If any one of these factors swings, we could see a very different outlook in the markets.
Staying Ahead Of The Markets
One very important thing to remember, is that markets always tend to return to their Mean. Meaning, stock markets don’t like to stay particularly Bullish or particularly Bearish forever. Eventually we will see a return to average. As an investor there is a delicate balance in determining when to buy and when to sell, and to stay ahead of the pack in making investment decisions. Looking forward it would be easy to prematurely bail out on the stock market for fear of what the future holds, or conversely stay in too long and take a major hit on your profit. I would encourage you, rather than reacting emotionally, get in touch with a Redhawk financial advisor to get some sound financial advice on the current state of the market. Redhawk Advisors are dedicated to keeping a sharp eye on the markets so they can provide their clients with solid financial advice to help them achieve the greatest profit potential. Don’t wait until it’s too late. Speak to a Redhawk Advisor today.
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, Uncategorized / Tags: do market bears have a point, Economy, is the stock market looking bearish or bullish, market bears, Markets, staying ahead of the markets, stock market looking bearish, The Stock Market, what drives the markets
Is The U.S. Prepared For More Spending Cuts?
Looking Back How Has Sequester And Widespread Spending Cuts Impacted Institutions in 2013
If you were indirectly affected by sequester and the spending cuts in 2013, you may have already forgotten the struggles and debates that characterized the beginning of 2013. After much deliberation on the part of congress, the spending cuts were permitted and across the board spending cuts were forced on government agencies, including the military, airports, hospitals, etc. You don’t have to look too far to see public services that were impacted by the 2013 spending cuts. Where I personally live and work, the air traffic controller tower was shut down, leaving many without jobs and threatening the safety of those travelling in and out of the airport. The hospital, too, is facing loss of income from the government, fewer bonuses and reimbursements, and is making massive cuts across the board to try to reduce expenditures with the start of the new fiscal year this July. For patients, this means fewer nurses, which increases the likelihood of sentinel events, decreasing the level of care able to be provided by the staff.
Looking Forward, More Spending Cuts To Occur In 2014
Understanding the plight of the country in regard to their budget deficit has made it easier to understand the need for spending cuts, but the overall application of the spending cuts can be more difficult to swallow. Starting in 2014, an additional 19 billion in spending cuts, on top of the current spending cuts, are set to go into action. This will affect the discretionary budget, which typically funds government programs and agencies, national parks and the FBI.
Execution Of The Spending Cuts Will Be More Flexible In 2014
Compared to the spending cuts in 2013, which consisted of mandatory, across the board cuts, the 2014 cuts will offer more flexibility in how they are executed. Lawmakers are simply obligated to keep spending below the cap. Basically, this means that in 2014, some agencies may be spared entirely, and other agencies may feel the full force of the spending cuts. At this point, it looks like Social Security, Medicare and a few other programs will be left untouched, whereas unemployment benefits, farm subsidies and WIC, may feel the force of the spending cuts.
Will Congress Prevent 2014 Spending Cuts
As per usual, congress is still divided on whether or not to allow the spending cuts, and on whom the spending cuts should affect the most ie, domestic spending vs. defense programs. Unless congress can reach an agreement on spending, the government is scheduled to shut down on October 1st. Since this is not a great option for either party, in all likelihood there will be an extension that will fund the government for a few weeks or months. To complicate the matters further, in addition to the issue on spending cuts, the government will also be forced to make a decision on the debt ceiling this fall. Weighty decisions that impact everyone rest on the shoulders of our congressmen this fall, and their decisions could have a direct impact on the economy and the future.
For more information on how the government could impact the economy and how that will affect your investments, speak to a Redhawk Financial advisor near you today. It’s very important for your personal financial health, that you stay ahead of the markets and the economy when making financial decisions. By getting in touch with a Redhawk Advisor today, you can protect your future, and prevent it from resting solely on the decisions of lawmakers.
Category: Economic News, ETF Research, Financial Advisor, Financial Planning/Retirement Planning, US Economy / Tags: 2014 spending cuts, execution of spending cuts, how has sequester and widespread spending cuts impacted, is the U.S. prepared for more spending cuts, more spending cuts, more spending cuts to occur in 2014, will congress prevent 2014 spending cuts
Gold Prices To Respond To Rising Demand
Gold Prices To Take Off In The Near Future
In a recent article by Addison Wiggin, a scenario is described where on a Sunday night in October 2013, everything in the world carries the semblance of normal, but then all of a sudden all hell breaks loose in the precious metals markets. Right before the Commodity Exchange Inc. opens at 6pm the Comex makes the announcement that a large gold contract will be settled in cash rather than the promised gold. Essentially, Comex has defaulted on a gold contract. Everyone else holding on to a gold contract also wonders if they too will be stiffed. Once this occurs, it leads to a crazy cycle in the prices of gold. Spot price roars up to $1800, but gold Eagles that would normally sell for $1890 to include a 5% premium are selling above $2000 per troy ounce. Eventually demand is so high, that no one can get their hands on physical metal anymore.
Manipulation In The Gold Market Exposed
Are you familiar with the story “The Emperor’s new clothes?” The story regales a tale where a king has new clothing spun by the countries “finest” seamstresses. When all is said and done he puts on imaginary clothes and tromps through the kingdom in his birthday suit. Everyone embraces the king and his new wardrobe until a small child calls a spade a spade and points out to everyone that the king was buck naked. In a real life scenario, the emperor is the central banks, and the commodity exchanges. When everyone recognizes that they are stripped of the gold they claim to hold, it may force them to stop parading around naked and put on some real clothes.
Can We Really Expect This To Happen In The Gold Market?
According to Eric Sprott, who oversees $10 billion at Sprott Physical Gold Trust, the odds are almost 100% that this scenario will occur. Eventually people are going to realize that gold prices have been manipulated and that the true gold supply could never keep up with the rising demands. When this happens, it could really shake things up in the gold market.
Gold Supply And Demand Problems
As far as supply goes, gold supply has remained steady for a long time. Demand, on the other hand, has increased significantly in recent years. Since 2000 when the Bull Run began, many new demand sources have added strain to the gold supply. Those include:
-Central banks, ETFs, sales of gold coins by the U.S. and Canadian mints, Chinese Consumption of gold has quadrupled, Indian Consumption has gone up by 30%.
These new sources of demand have led to the increase of gold sales by 2,268 metric tons per year. (On top of the demand that existed prior to the bull run). Supply has remained the same at 3,700 metric tons per year. There are also many unofficial gold sales that cannot be tracked with official numbers. Those include purchases of physical metals from coin dealers, ebay and many other sources.
The Central Bank Gold Scandal That Causes Gold Price Manipulation
One further weight on the gold market is the reality of what’s occurring with gold sales in the central banks. Central banks are legally able to lease their gold out for 1% to commercial and investment banks. Those commercial and investment banks in turn, go and sell the gold for a price generating more than a 1% return. The financial statements record it as “gold and gold receivables”. The receivables are not real gold, it’s the leased out gold that has been pilfered off to other investment banks who in turn sold the gold to China or some other gold buyer. So the deep gold reserves we are convince the central banks are holding on to, are more myth than reality. When this is realized by the masses, price manipulation will no longer be able to occur, and we will see gold prices take off.
Gold Prices To Skyrocket
As you can imagine, it’s only possible to cover up gold demand for so long before it quite obviously exceeds known supply. When investors get wind of this, those with money in ETFs and other “paper gold” investments, will demand physical gold to back their investment. When this happens we can expect gold prices to take off and be unstoppable. For those holding physical metal, the profit potential is incredible.
For more information on the gold market and on holding physical metals, speak to a Redhawk Financial Advisor near you today.
Category: Economic News, Financial Advisor, Financial Planning/Retirement Planning, Investments, US Economy / Tags: central bank gold scandal, Gold Market, gold price manipulation, Gold Prices, gold prices to respond to rising demand, gold prices to skyrocket, gold prices to take off, gold scandal, Gold Supply, gold supply and demand, manipulation in the gold market, The Gold market
Senior Citizens Facing Poverty
Senior Citizens Facing Poverty In All 50 States
When you dream of retirement what is it that you visualize? Perhaps the thought of traveling the world is tantalizing, or maybe you have concerned spending more time with the grandkids and puttering away in the garden. Sadly, many of America’s elderly are facing the unraveling of their retirement dreams in the face of poverty. According to the U.S. Census Bureau data, nationwide senior citizens are living off an average median household income of $35,107, which is roughly 57% of the income enjoyed by those in the 45-64 age range.
Most Senior Citizens Underfunded For Retirement
Most financial advisors would recommend that people save enough money so that they can replace 70% of their preretirement income. According to the census data, only Nevada and Hawaii came anywhere close to meeting that goal. Runners up included Arizona, New Mexico, and Florida, where seniors have saved anywhere from 66-68% of their pre retirement income. On the other hand, seniors residing in Massachusetts were much worse off living on only 45% of their pre-retirement income. Other states, where seniors were struggling significantly include North Dakota, Rhode Island, New Jersey and New Hampshire.
Seniors Losing Their Pensions Which Impacts Retirement Income
One of the biggest contributors to low-retirement income, is the loss of pension plans for seniors all across the country. Previously, seniors were able to enjoy the income from their work place pension plans to get them through retirement years. Now-a-days, companies have been forced to cut pensions and have replaced them with 401(k) plans. Many retirees have been forced to rely heavily on Social Security as a primary source of income as a result of the loss of income from pensions.
Social Security Should Not Be The Primary Source OF Retirement Income
In many states around the country, Social Security represents as much as 90% of retirement income for some individuals. This is incredibly sad considering annual payments average only around $14,760/year for seniors to survive on. With the rising costs of healthcare in the latter years of life, Social Security is extremely inadequate to exist as the primary source of income.
Don’t be a retirement statistic:
Rather than falling victim to the plight facing most seniors today, you have the choice to make different and better options in regard to your retirement savings. If a pension plan is no longer an option for you, you may have to look at other retirement options such as a fixed index annuity, or other conservative investments that will guarantee you income during retirement. Speak to a Redhawk Financial Advisor near you today to determine where you are at currently in your retirement savings, and where you need to be before you retire. See to it, you don’t sit back and wait for the future to pass you by. Take your future by the reigns and make your retirement the retirement you’ve always dreamed it would be.
Category: Annuities, Economic News, ETF Research, Financial Advisor, Financial Planning/Retirement Planning, Investments, Uncategorized, US Economy / Tags: Don't Be A Retirement Statistic, Primary source of retirement income, Retirement Income, Retirement Statistic, senior citizens facing poverty, senior citizens underfunded for retirement, seniors losing their pensions, Social Security, underfunded for retirement
