Are You Making this Dangerous Retirement Gamble?
A large number of Americans in their 50s and 60s are not saving enough money for retirement, and therefore gambling on being able to work well past their retirement years. This is the topic of the most recent blog post by Gary D. Halbert, the president and CEO of Halbert Wealth Management, Inc.
“Yet the fact is that 50% of retirees have to retire early, usually due to health problems, their spouse’s health, caring for a loved one, etc., etc. According to a widely-respected new study, only 27% of retirees actually work beyond their normal retirement age. Other studies show that number as low as only 15%,” he noted.
Millennials are actually saving more money than any other age group, according to a new study. This study showed that 62% of Millennials save more than 5% of their income, a large increase compared to the 42% that answered the same way last year.
Despite this statistic, another 21% of Americans across all age groups say that they are not saving a single penny from their paychecks, meaning there’s no money for retirement or emergencies.
Not saving for retirement is a huge risk for Americans, since it’s betting on the fact that they’ll be able to work past their prime. Any financial advisor would tell you that’s a risk that you shouldn’t be willing to take.
