Tag Archive for Save For Retirement

Do You Know How Much You Need To Save For Retirement?

How Much Do I Need To Save For Retirement If My Goal Is To Retire In 30 Years?

save for retirementSaving for retirement can often be very tricky, especially with the demands of day-to-day finances, paying for college educations, and the more recent expense of boomerang children wreaking havoc on your finances.  In addition to difficulty with saving, there are many unknowns that shadow retirement saving, making it seem lofty and unattainable for the average American.  In many cases, it’s easier to meet a goal if you are aware of what you need and in what time frame you need it.  According to many financial advisors, if you’re goal is to retire in the next 30 years, you will need to come up with $82.28/day every day, for the next 30 years to meet that goal.

How Much Is Enough For Retirement?

If $82.28/day seems like a rather large amount, it’s actually based on the assumption that you will want to live on roughly $50,000/year.  In order to make that, your $82.28/day needs to be invested in a fairly aggressive portfolio with a 7% return, for 30 years.  This figure also takes into account cost of living adjustments for inflation, which is figured to be on average about 3%/year.  For the average person out there, this amount will be enough for you to survive on for the duration of your retirement.

How Will I Ever Save Enough For Retirement?

As a younger individual with the demand of family expenses, trying to come up with an additional $82/day may seem like a daunting task.  However, the younger you are when you begin saving, the more of a chance you have of meeting your retirement goals.  For instance, if you began saving at the age of 20, and were able to save for 45 years instead of 30 years, you’re savings rate will have to be much lower.  Additionally, the $82.28 is not adjusted for inflation.  Meaning, even though that seems like a large chunk of change right now, in 20 years it will actually be much easier to save $82/day because of the inflation rate.

The Bottom Line Is:  Before you allow yourself to become discouraged and throw in the towel entirely for retirement, it’s mostly important to recognize that retirement savings requires a diligence and preparedness on the part of the investor.  Your retirement nest egg is not going to form itself, and in order to prevent yourself from becoming a burden on your loved ones in the future, getting on the right track for retirement today is going to be of the utmost importance.  To learn more about how to get prepared for retirement, and where to invest your hard earned assets to generate the return you will need to retire comfortably, contact a Redhawk Wealth Advisor near you today.

 

 

 

Working Forever Is Not A Retirement Plan

Retirement Is Disappearing From The Future Of America’s Middle Class

retirement delayedIn the past retirement was a reality for the majority of Americans.  Through working hard, saving, and the myriad of available retirement saving options including pensions and a sizeable employer matched 401(k) plan, retirement was not only feasible, it was expected.  Due to difficulties with the stock market, frozen wages, and compounding bills, many middle class Americans have thrown their hands up and all but given up on the idea of a long-term retirement plan.

Middle Class Workers Plan On Working Into Their 80s Or Beyond

According to a recent study done by Wells Fargo, done on workers between the ages of 25 and 75 with household incomes between $25,000-$100,00; 34% indicate that their idea of a retirement plan was to work until at least the age of 80. A greater percentage yet, 37% indicate that they will never retire, and that they plan on working until they get too sick to hold a job or until they die.  The reason behind this slowly shifting trend is that most feel they are unable to pay their bills and meet their monthly expenses while still saving for retirement.  That, and with the average social security benefit being around $15,000/year, it’s not “doable” to simply live on Social Security during retirement.

How Do Middle Class Workers Save For Retirement

The struggle to pay for bills and other obligations is mounting, while retirement dreams are disappearing.  According to Laurie Nordquist, who is with Wells Fargo Institutional Retirement and trust: “For the past three years, the struggle to pay bills is a growing concern and the prospect of saving for retirement looks dim, particularly for those in their prime saving years.”  One of the most compelling factors is the fact that median annual household incomes are down about 8% since 2007.  That’s pretty rough when you also factor in how much inflation is eroding the average income.  It can be difficult to know where to shave your budget in order to save for retirement, when you’re barely scraping by and able to pay the bills.

Middle Class Workers Fear Stock Market Investing For Retirement

Another aspect to this quandary is that many middle class workers are fearful of investing what they are able to save into the stock market.  After losing such a significant portion of their savings back in 2008 when the market crashed, many are fearful of once again taking their hard earned savings and placing it back in the throes of the volatility of the stock market.  Interestingly enough, statistically, the stock market still is the only vehicle that is proven over time to generate a decent return on investment.

Sadly, planning on working forever is not always a feasible option for many retirees; when you reach a certain age, for many individuals significant health problems arise and other difficulties stand in the way of a holding a full-time job.  Unfortunately, one can never predict the direction your health will go and whether or not you will physically be able to keep working through retirement.  Instead, working now to pay off debt and actually set up a savings goal is a retirement plan with a much greater likelihood of success.  Having a retirement plan “B” for the “what if” scenario of a significant health problem or other issue standing in the way of work, is always the safest bet.  For more information on how to get on your feet financially and create a feasible retirement plan no matter how old you are, speak to a Redhawk Wealth Advisor near you today.

 

 

Creating A Successful Plan For Retirement

Creating A Successful Plan For Retirement

Creating A Successful Plan For RetirementSuccessful retirement planning is a significant amount of work, and requires a tremendous amount of goal setting, planning and diligence in saving to actually make it happen.  Being a successful retirement planner requires you to be future minded at a young age, to determine your projected income needs by examining the desired lifestyle you hope to live during retirement.  Questions such as when you hope to retire, where you’ll plan on living, and the hobbies you’ll keep up during retirement all play a role in the amount of retirement income you’ll require. Many of your retirement goals and plans will be largely dependent on your current lifestyle, and the income you will have remaining during retirement.  As a general guideline, the average person will need 20x their annual income to retire.  Many investors suggest saving roughly 10% of your pre-tax income towards retirement to get yourself on the right track for a successful retirement plan.

Which Investments Should I Consider For My Retirement Plan?

There are many different investment vehicles that can be helpful for retirement planning, many of which depend on your age and your risk appetite as to whether or not they are an appropriate choice for you personally.  The younger you are when you begin saving for retirement, the more flexibility you have in selecting riskier stock market based investments that offer a higher rate of return.  The closer you are to reaching retirement the more conservative you must be in your investment choices.  Some of the more common retirement investment and portfolio investments include: 401(k) plans, IRAs, Annuities, Mutual Funds, Stocks, Bonds, ETFs, and Cash investments.  In order to determine which investment vehicles are best suited to your needs, significant research into your options is necessary.  Be sure to pay careful attention to associated fees with each investment option.  In some cases, the fees are so high that they can actually negate any earnings coming in from the investment.

The Earlier You Begin Saving For Retirement The Better Off you’ll Be

In order to take advantage of compounding interest, the younger you are when you begin saving for retirement, the more likely you will be to have a successful retirement plan.  Even if you’ve already missed the chance to begin saving in your 20s or 30s, the best time to start saving successfully is right now.  Just remember, the older you are when you begin saving for retirement, the more money you will actually have to save in order to retire with enough money to sustain you throughout retirement.

Examine Where You Can Make Cuts In Your Lifestyle To Save For Retirement

Often times, money is tight, and people are living paycheck to paycheck.  It can be difficult to establish savings goals when there just simply doesn’t seem to be any “extra” floating around for retirement savings.  One of the primary issues in retirement saving is outstanding debt.  If you’re carrying around a significant amount of high interest debt that needs to be dealt with in order to free up money for retirement savings.  It can be very helpful to put yourself on a budget, figure out where you can make some cuts, and begin dealing with your debt and setting aside money for retirement, in order to get your finances on track for a successful retirement plan.

For more information on successful retirement planning and on how to get your finances on track for a financially secure retirement, speak to a Redhawk Wealth Advisor near you today.  Just remember, the longer you wait to make a change in your spending habits, the less likely you will be to implement a successful retirement plan.  Don’t wait any longer, take steps towards a better financial future today.

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The Noose Of The Student Loan Bubble

How Student Loans Can Be The Financial Ruin Of Many Americans

student loan bubbleStudent loans have been a double edged sword for many years.  In one hand, with the rising costs of post-secondary education, how else is a young person to find the funding for their education.  Even young people with the best savings skills, often fall miserably short when it comes to paying for college.  The alternative, is taking out student loans to pay for college.  The student loan bubble in America has long since surpassed credit cards as the number one source of private debt.  In fact, the vast number of young people who are carrying their student loans with them for years after college is part of the difficulty facing the U.S. with economic recovery.  How can the housing market recover, and consumer spending resolve, when the vast majority of people under the age of 40 are carrying around student loans that remove hundreds of dollars from their monthly income.

There’s No Getting Away From Student Loans

One aspect of student loans, makes them even more constricting for borrowers, is the total inability to default on a student loan.  In fact, if a person has to file for bankruptcy, all other loans and debts are forgiven, with the exception of student loans.  Additionally, during the 3-5 year period post bankruptcy, the process under Chapter 13 of the bankruptcy code prevents borrowers from making full payments on their student loans.  During this time frame the lender can attack all kinds of late fees, and delinquency fees, as well as the accumulating interest onto the balance of the loan.  When a person is finally allowed to make full payment on the loans again, he or she is actually facing a much larger student loan than they were prior to bankruptcy.  The provisions preventing the forgiveness of student loans via bankruptcy was originally put in place by lenders who were concerned that students would file for bankruptcy for a “fresh slate” right outside of college.  While the protection is necessary for the lender, the result is very constricting for the financially struggling individual.

How Can A Person Save For Retirement With The Burden Of Student Loans?

Unfortunately for individuals and the economy both, 1 in 6 adults carry the burden of student loans and as a result are finding it increasingly difficult to afford to purchase a home and to save for retirement or other important future events.  As a result, the demand is going down in the housing market, which ultimately will drop prices.  The ever increasing pressure of a downward spiral is detrimental not only to the individual facing the loan burden, but the greater economy as well.

As a parent you can take steps to help your child avoid the burden of student debt, by simply putting money aside while they are young into a college savings investment plan.  For those who are already plagued by student debt, you can learn investment strategies and savings strategies to help you pare down your debt to get yourself on the path towards financial freedom.  Your future retirement and livelihood depends on you getting control over your finances today.  For more information, speak to a Redhawk Wealth Advisor near you today.

 

 

Are You Saving Enough For Retirement?

Will You Have Enough Saved For Retirement?

are you saving enough for retirement?Americans have embarked on a rough road of financial indulgence, lack of savings, and an overall trend of living beyond their means.  As a result, we have an entire generation who is completely ill-prepared for retirement, and is at risk of not having enough money set aside to put bread and butter on the table during retirement, much less travel, indulge and enjoy their retirement years.  In a recent study, 85% of the respondents remarked that they are actually losing sleep at night because they fear not having enough money saved to last them for the rest of their life.  In general, they absolutely have reason to be concerned.

The Crux Of The Retirement Savings Problem Is Inaction

While it may be true that some things get in the way of retirement savings, such as trying to pay off school debt, credit card debt and other obligations; it’s also true that without making a plan to get ahead for retirement, you may end up seriously behind the 8-ball.  Even with the help of a financial advisor, many choose to not heed their advice, and to continue on in their current patterns of spending and lack of savings.  Generally, if you don’t take action to help your retirement portfolio, you’ll never get ahead in the game for retirement savings.  Inaction never helped someone plan and save for retirement.

Do You Really Live With In Your Means?

In hopes to rectify your retirement crisis, it’s first important to be honest with yourself and honest with your advisor about what you spend your money on, and whether or not you are actually living within your means.  Most Americans are not truly honest with their advisors about whether or not they live within their means.  44% are not even being honest about their level of debt, and 36% are not being honest about the risks they are taking in their investment.  The question to ask is, how can an advisor help you manage your finances if you’re not being honest about where your finances are going?

Pay Yourself First In Order To Save For Retirement

One good principle to follow is that rather than trying to save some money for retirement after the majority of your paycheck has been spent, you should pay yourself first by tucking away the first 15-20% of your paycheck towards retirement.  To put it into perspective, if you personally are making $100,000 a year as a family or as an individual, you need to be setting aside anywhere from $288 on up away per week for retirement savings.

Retirement Savings Is Not Unattainable

As difficult as it may sound to cut back on spending, pay down debt, and begin saving for retirement, it is definitely doable.  In fact, people for generations before have successfully saved for retirement and never faced an impending retirement crisis like we are currently fearing for this generation.  For more information on how to get ahead on your retirement savings to achieve financial freedom in retirement, speak to a Redhawk Wealth Advisor near you today.

 

Too Broke To Retire, To Old Not To Retire..

Nearing Retirement And Broke!  Can You Relate?

too broke to retirePicture this, Donna and Chris are in their early 60s and are hoping to retire at age 65 from their jobs where they have worked since their 30s.  They save $15,000 annually out of their $154,000 net income and have a totally of half a million set aside for retirement.  They figure they’re going to need at least a million or more put into safe investments to get them through their retirement years.  However, they have at least $43,000 in credit card debt, a $300,000 mortgage that they’ve paid very little on, and two children that they are paying a total of $40,000/year in college tuition.  In spite of a few assets including a paid off vacation home worth maybe $75,000 and a small personal business that they might possibly get $200,000 for, Donna and Chris have no idea how they’re going to manage to save any additional money for retirement.

Get Out Of Debt To Save For Retirement?

Donna and Chris have several options available to them that would help them cut back on their monthly expenditures to enable them to have more money to set aside for retirement. Including:

  1.  Get rid of the credit card payments!  Credit cards have notoriously high interest rates.  Donna and Christ have one with a 17% interest rate that really eats a hole in their monthly expenditures.  They currently spend $1,500/month on just their credit card debt.  One suggestion for them is to get a mortgage on their paid off vacation home for the $43,000 they owe in credit card debt to drop interest rates to around 4% thereby decreasing their monthly payments by almost $1200.
  2. Cut back on Tuition spending.  It’s a great notion to help your kids through college, especially with the rising costs of college tuition these days, but, it shouldn’t be done at the expense of not being able to afford to retire.  Think of it from this perspective, if you help your kids through college but end up needing to rely on your children when you’re 75 and broke, it’s really not as helpful as you originally though!  Consider other options like grants, scholarships and subsidized federal loans or even a less expensive public school as an alternative.

Consider Safe Investment Vehicles For Your Retirement Savings

Another thing to consider is which investment offers the best return on your investment, with also guaranteed income payments for the rest of your life?  The closer you get to retirement age the more investment safety should be of the utmost importance.  One option is a fixed index annuity with an income rider.  These are purchased with a lump sum and guarantee monthly payments for the rest of your life.  There is not risk to principle with this particular investment.

 

For more information on how to get your retirement savings in order, speak to a Redhawk Wealth Advisor near you today.

 

 

Are You Making Excuses To Justify Not Saving For Retirement?

Why Are you Not Saving For Retirement?

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.

 

 

How Do I Save For Retirement When My Parents And Adult Children Need My Financial Support?

Trying To Save For Retirement While Supporting Adult Children And Care giving For Mom? 

Save For RetirementDon and Susan are 50 years old, she is a nurse at the hospital, and he has been working in sales and marketing for the last 25 years.  They have three adult children, one whom they are still trying to help through college, and the middle child who is 25 and has a 3 year old, their only grandbaby just moved back in with them after being unable to make her mortgage payments when she lost her job.  In addition, Susan’s mother just lost her driver’s license and is having difficulty shopping and caring for herself because her eyesight is beginning to fail.  Susan is considering quitting her job so she can help babysit her grandbaby and take care of her mom when her daughter is working.

Does this scenario sound familiar?

How To Save For Retirement When Family Obligations Are Straining Your Finances? 

In a new survey by Pew Research, it turns out that 48% of Middle-age Americans are financially supporting their adult children, and 15% are helping both children and parents.  So if you’re finding yourself in this situation, you’re definitely not alone.  However, if the plan was to use the next 15 years to work hard to salt money away for retirement, it can really feel like your retirement plan is spiraling out of control.  So what do you do when your retirement dreams are being thwarted by responsibility to ailing parents, and a financial drain in the form of your adult child and grandchild?

Define Financial Boundaries To Save For Retirement

One of the biggest keys to avoiding this scenario is to know when to say no.  It may be necessary to have your 25 year old and 3 year old grandbaby staying with you, but it is important to draw some financial lines.  Such as, give her a time frame in which she needs to find  a second job, make her be responsible for her cell phone bill and her insurance payment, and force her to tap into state resources such as WIC, and child care assistance to contribute to the family by covering some of her own bills.  Once she has a job you can make her contribute towards rent and utilities as part of her fee for staying in the home.

As far as your aging parents are concerned, there are a myriad of social services out there who can help you as you are trying to care for your mom while maintaining a career.  Depending on Susan’s mom’s finances, there are many services such as adult day-care, senior centers, and in home services that can help with shopping, cooking and cleaning.  Many of the services can be cost effective in comparison to quitting a job to perform the care giving tasks.  Mom may not be ready for assisted living or a nursing home situation, but it can definitely help lighten the financial burden of care giving.

Care For Your Family And Still Save For Retirement

Ultimately, family is the most important thing in your lives, and it’s important to find a balance between meeting the needs of your loved ones, while still ensuring you’re well taken care of financially in retirement.  Think of it this way, if you’re pouring out and caring for your adult children and aging parents, whose going to be caring for you if you’re unable to save for retirement?  It’s a lesser burden on your children and everyone involved, when you have properly planned for retirement.  For more information on balancing current financial obligations and retirement planning, speak to a Redhawk Financial Advisor near you today.

Update: How Much Do I Need To Save For Retirement?

Americans Underestimate The Cost Of Retirement

Invest To RetireIn a recent Wells Fargo poll, that included 1,000 middle class Americans from the ages 25-75 there were some astonishing misconceptions regarding retirement and retirement savings.  The Average American polled responded saying that they would need only $300,000 total savings in order to survive well during retirement and only 36% of Americans even have a plan in place for retirement.  What is going to happen To America if the bulk of its population spends the latter part of their lives in poverty due to ill preparation for retirement?

What Is Preventing Americans From Saving For Retirement?

We live in a world that favors instant gratification.  We hate waiting in lines, we prefer microwavable, pre-packaged dinners that ease the burden of time and decrease any work involved.  We fall victim to get rich quick schemes and prefer easy solutions rather than options that require planning, diligence and discipline.  This is the reason retirement is going by the wayside in America.  According to the Wells Fargo poll mentioned above, 52% of Americans say that their biggest financial concern is making their monthly bill payments.  And Only 20% feel that Retirement saving is a concern.  Yet, most of the Americans polled admitted that a pressing financial concern includes saving for a vacation, or planning a remodel for their home.  What has happened is Americans have developed an entitlement mentality and prefer the instant gratification of luxury now, compared to being frugal and thrifty and saving for the future.

Retirement Requires Diligence And Planning

Laurie Nordquist, the director of Wells Fargo Institutional Retirement And Trust made the comment: “People tell us that retirement preparation should be on their shoulders but they are grappling with the financial pressures of each day. As a result, retirement has become a guessing game. But, people can’t afford to approach twenty plus years of their life by ignoring the facts. People are telling us that times are tough financially – even more so than a year ago — but people also need to take action.”  What it comes down to, is no one can guarantee whether or not social security will be intact when it comes time for you to retire.  Employer based pensions are no longer a guarantee.  What is a sure fact is that you will age, and you will eventually have health problems and not be able to work.  The alternative is, a premature death.  So assuming you aren’t met with an early demise, you will one day be fully dependent on your savings and diligence from your working years in order to keep a roof over your head and maintain a standard of living.

Talk To A Redhawk Advisor To Plan For Retirement

If this strikes a chord in you, or if it concerns you for your future or the future of a family member, it is time to go against the crowd and be one of the few that actually seeks out an advisor for some financial advice.  When your retirement day of reckoning arrives, be one of the few that can embrace that day without worry or concern for your financial well-being.  By planning ahead and starting today you can learn how to better manage your spending and save now for the future.  Redhawk advisors are unique because they offer many different investment options that are suited for all different kinds of economic climates.  Whether its hot or cold in the markets, redhawk advisors have the ability to point you to an investment catered for the investment climate today.  Do yourself a favor and find a redhawk advisor in your area and just talk to them.  Find out what you can be doing differently to set yourself apart from the rest of the Americans who are facing some rough financial roads ahead.

 

Update: The Student Debt Bubble Is Squeezing The Life Out Of Americans

How Can I Save For Retirement If I’m Spending My Life Paying Off Student Loans?

There is a plague that has infected Americans, and that is the sickness of student debt, and the burden it creates for many Americans.  A recent survey has indicated than 1 in 5 households are plagued by student debt, and on average, will spend 20 years of their working life, just trying to break even on their student debt.  Lets just say you have $40,000 in student loans, and that you got locked into a private loan with an exorbitant interest rate of 8%.  The interest alone, is enough to make your debt burden compound.  Compared to twenty years ago, Americans are carrying triple the debt load, and that is largely due to student loans. 

Update:  How Is Student Debt Impacting The Economy?

A recent survey in Wisconsin has examined the student debt crisis facing residents of Wisconsin, and has determined that:  “The trillion-dollar student loan debt is not just a crisis for students,” said Scot Ross, the Wisconsin organization’s executive director. “It is literally standing between college graduates and their share of the American dream and a more robust economic recovery both nationally and, as shown by our research, in Wisconsin.” For the economy specifically, it creates problems because the average person is spending money on student loans that would have otherwise been put towards a car or a house payment.  For an individual graduating with a bachelor degree, the average monthly payment is $350.  If the same individual is graduating with a masters degree those payments can be increased to $450/month.  The Wisconsin survey has also demonstrated that Americans who have student debt are more than 20% less likely to purchase a new car than a person who is not holding student debt.

What Is The American Dream And Is Your Student Debt Preventing You From Sharing In It?

If you view the typical American dream that includes a nice house, with a 2 car garage, and a picket fence, it’s worth considering that many Americans in their drive to pay off student debt are unable to purchase a home.  85% of renters enjoying a household income between $50,000 and $100,000 are renting solely due to student debt.  Therefore, it is a concern for the enjoyment of the American dream. As well as an obvious concern for the recovery of the housing market, that Americans are too saturated with debt to make major purchases.

How Will I Ever Retire If I Spend My Life Paying Down Student Debt?

Update:  Student Debt BubbleAn obvious concern for many college graduates, is how can I start putting money aside for retirement later, when I have the need to pay down my student loans now.  However, if you are 22 when you graduate from college, and begin paying on your loans at 23 after the 6 month post graduation deferment period is over, the odds suggest that you could still be paying on those loans in your 40s.  How can you even begin to start saving for your children’s college, much less your own retirement future, if you’re too busy paying down debt?  If this situation resonates with you, then it is time to talk to a financial advisor to see if you can get yourself some financial help.  Click here for more information

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