So finds this new Wells Fargo survey of Americans with incomes in the $25,000 – 100,000 range.
Among the Wells Fargo survey’s other findings:
- 34% of Americans expect to work until they’re 80
- Paying daily bills trumps retirement planning
- Middle class Americans still feel the Great Recession’s shockwaves, even if economic data says we’re in recovery mode
- Only 30% of Americans have a retirement plan
- People in their 30s are most likely to have a retirement plan, but 45% say not enough assets and 25% don’t know how to create a retirement plan
The survey results make for sober reading. Every adult American needs a retirement plan, just like every adult needs health care and an estate plan. Every adult will reach a point in their life when they don’t want, or are physically unable, to keep working. And depending on Social Security, Medicare, and Medicaid for your retirement is (at best) a bad idea. The Big 3 entitlement programs were designed to keep seniors from being destitute – the equivalent Social Security retirement age when FDR signed the law would be a woman in her 80s today. But the Big 3 have big unfunded liabilities, to the tune of $70 trillion+. And we’ve all seen lately how bad Congress is at math and keeping promises.
At my law firm, Johnson Law KC LLC, we guide clients to proactive retirement planning and regularly counsel clients on reliable, state of the art estate planning techniques to protect clients, spouses, children, grandchildren, and families. We recommend a Roth IRA, as your money grows tax free over your career and you don’t pay income tax when you withdraw money during your retirement. If you don’t have an IRA or other retirement plan, get one. They’re quick, easy, and inexpensive to start. If I can help you and your family with your estate planning needs, call me (913-707-9220) or email me (email@example.com) for a convenient, free consultation with my experienced estate planning law firm, Johnson Law KC LLC.
(c) 2013, Stephen M. Johnson, Esq.