A reader recently shared a news article (written by Helen Kearney of Reuters) with me that highlights why I do what I do!
The title of the article is “Middle class falls short on retirement funds”. Everyone should really read it. It highlights the FINANCIAL DEBACLE that most Americans are steamrolling towards.
Here are some lines that stood out to me:
- The average American has saved less than 7% of his desired retirement nest-egg.
- Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000.
- Barring a miracle … they’re going to be forced to dramatically cut back their lifestyles after retirement.
- Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.
The fact is that saving for retirement does NOT require a miracle! It DOES require things like focus, determination, tremendous effort, and a relentless spirit.
Here are some key ways to make sure YOU are not one of the statistics!
- Calculate how much you need for retirement (use my calculator HERE or use ING’s HERE)
- Save SOMETHING every single time you receive money into your employer’s 401(k), 403(b), 457, or TSP.
- If you don’t have an employer’s retirement plan, but have earned income – invest in a Roth IRA
- I also like investing in real estate, land, small business, and other investments – always be on the lookout for these types of investment opportunities
The bottom line is this: If you work for 30 years and have NOTHING to show for it, you have basically worked that entire period for FREE. You earned money, but somehow it all left and went to other people.
You CAN do this!
Don’t have any idea how to get started? My book, I Was Broke. Now I’m Not. tells you exactly how I broke free and started truly winning with money. You can do it too!