Who can put $10,000 a month into a savings account for 40 years?
If you’re a young adult who’s just getting started in the workforce, retirement is probably the last thing on your mind. With all the responsibilities of student loans, potentially continuing your education, and trying to build a stable future for yourself, the idea of retiring probably seems light years away. However, for anyone under 65, retirement is as much an important part of your future as the down payment on your first home.
Some Disturbing Statistics
Thanks to medical advancement, the average American can expect to live decades longer than they could in the past. As people live longer and longer, they’ll need more and more money to live off of throughout their “golden years.” Studies estimate today’s millennials may need to save up to $5 million by the age of 70 just to live comfortably as seniors. This means a 30 year old would have to start saving at least $120,000 a year to hit that astronomical amount! We at American Family Senior Services want to urge you to consider creating a retirement savings plan while you are still young, so you have much less to worry about during your later years.
Start Planning Today
It’s no secret most retirement packages no longer work the way they used to. Gone are the days of being rewarded for your company loyalty with a gold watch and a huge pension to enjoy for the rest of your life. It’s possible your company will offer you an early retirement boot even before you are ready to retire. This may leave you scrambling to find any other job (probably for a lot less money) to fill this gap between unemployment and social security. This juncture is not the best time to be saving for your future!
This and other circumstances may leave you with just social security along with the nest egg you have saved on your own (if you have one). Did you know up to a third of American seniors don’t have a retirement savings plan? Don’t let this happen to you! Investing in retirement planning today will help provide a much needed financial cushion, lessening the worry of how you’ll survive from day to day should your retirement benefits be limited (or even nonexistent.) This will allow you the freedom to enjoy the lifestyle you want, rather than live from paycheck to paycheck.
How do you start composing a retirement savings plan? Figuring out how to save for retirement can be a difficult and mind-boggling process. This is where American Family Senior Services comes in. We can assist you in starting the savings process, no matter what your needs may be. Our recommended savings for retirement, such as an Index Universal Life plan, may be the answer. Without it, your assets could be in jeopardy and mean heavy tax penalties to preserve everything.
We Can Help
We care about making sure you live comfortably and enjoy the freedom you deserve. We can also help you avoid scams and other pitfalls in the process of saving for retirement. We at American Family Senior Services firmly believe every individual is entitled to enjoy personal freedom, regardless of their age or financial status.
When you choose our free services, we will assist you based on your own financial plans. Simply tell us how you prefer to allocate your savings and we can tailor a plan that will help you achieve your financial goals. To receive more information or set up a consultation, contact us today!