I think you would be surprised if you knew what the statistics were like for people who should be getting ready to retire, but instead are struggling with their finances. There is a very real chance that many senior citizens will never be able to retire, as they will never be financially stable enough to handle it.
- For every single one hundred people at the age sixty five, twenty have annual incomes of less than $10,000, which is below the poverty level in most areas!
- For every single one hundred people at the age sixty five, fifty one have annual incomes that lay between $10,000 and $35,000, with a median income of $18,000 per year.
- For every single one hundred people at the age sixty five, only four people have an income that lays over $35,000.
- For every single one hundred people at the age sixty five, only one person is a millionaire. Only one! Can you imagine how this number would be different if more people were accurately educated in the art of financial planning? This is what 21st century education is all about!
- The average 50 year old person only has approximately $2,300 dollars saved towards their retirement. At 50 years old, this does not leave much time for additional financial planning. How will this 50 year old turn their life around in time to retire? It might be impossible! This is why financial planning and retirement planning are so vital at an early age!
- Only five percent of the population in Australia has $10,000 to their name by the time they are 65. This is not enough income for them to survive at retirement, meaning that more and more people have to continue working past 65, and many may never retire.
When Social Security originally began, there were a total of sixteen people available for every one personal on the program. Today the ratio has dropped significantly from a ratio of 16:1 to a ratio of 3:1. The projected ratio for the future is a mere 1:1.
The truth about retirement is this: The world is changing and things are looking fairly dire. It is becoming a greater responsibility for people to take care of their own financial planning when they cannot rely on retirement plans or social security to do the work for them. By the age of 65, most people should have attained pretty comfortable financial freedom enough that they can retire, but unfortunately too many people are struggling to make ends meet, let alone to put away enough money to handle retirement the right way.
This is why a 21st century education is so important, teaching principals that will help people better handle their wealth building and financial planning, so that they can take the vacations they deserve, and so that they can retire when it is time to do so. It is never too early to begin planning for one's financial future, but there is certainly a point where it becomes much too late.
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