The statistics for retirement for Americans should scare anyone who is about to retire.  Based on this article, here are some statistics you should be aware of:

  • One in four Americans have no retirement savings at all.
  • The average American 60-year-old has $256,000 saved for retirement, but this includes high-income earners.
  • Retirement savings increased last year thanks to solid performance in the stock market, but Wall Street’s woes have persisted for much of this year.

What options do you have?  Here are some concerns most people have:

  • Are you concerned that you don’t have enough saved for retirement?
  • Wondering if there is a magic number you should have saved by the time you retire?
  • Retirement calculators can help give you some answers, but the best thing to do is speak with a financial advisor.
  • Fidelity provides a broad approach to retirement planning, but Americans should aim to have the equivalent of their salary by age 30, 3 times their salary by 40, 6 times their salary by 50, and 8 times their salary by 60.
  • However, this “should” the amount doesn’t take into account many variables such as Social Security benefits, expenses in retirement, or assets you may sell.

There are options available for you to start today.  Please contact us or set up a Zoom call if you want a free consultation on what to do.