This is both alarming and thought-provoking:
Individuals, as it stands, are drastically undersaved for retirement. Only a third of employees contribute to a 401(k) plan, and that’s if their employers even offer such an account (only 14% actually do, according to U.S. Census Bureau researchers). The typical working-age American couple only has $5,000 saved for retirement according to an analysis of the Federal Reserve’s 2013 Survey of Consumer Finances; and not many baby boomers are financially prepared for retirement.
The following milestones and recommendations are something I cannot personally affirm to, but it is a fascinating chart to inspect and make you think. (Who could possibly have at 30 saved up half of their annual salary?) Regardless of the actual numbers, it’s a thought provoking exercise to look at the full arc of time of a saver by decade regardless:
If you one of the many individuals out there saying things like “Yeah, I need to start doing something” or “I will take a look at this next month” then you need to stop the anxiety and procrastination. Find someone you trust and take a few minutes to get things on track. A little pain today can help to avoid a lot of pain down the road. We are here to help, with whatever questions you may have. Contact us today to set up a brief conversation!