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If you are worried that you will not have enough money saved for retirement, join the crowd. We, the baby boomers, are also known as the sandwich generation. We have kids in college and aging parents who may need financial help. It’s surprising that there is any money left over to save for our old age after we are through taking care of our other responsibilities.
Only about 40% of us have saved more than $100 K in our retirement plans. If we retire tomorrow at age 65, $100 K will probably not be enough to carry us into our 80s with the income necessary to meet everyday expenses. We need to get real and start accumulating assets now that will grow and give us a comfortable financial future. A Lincoln Retirement Institute survey indicates that 84% of men and 56% of women will return to work if retirement funds run short. What if there isn’t enough work for those who must work to make ends meet? 6% of men and 16% of women will turn to family to help them if they run out of cash. What if they don’t have the money or worse, they don’t want to help you?
We need to get real! We need to make saving for our retirement the priority. The children can get student loans or the parents may qualify for government assistance. We live in the moment with our responsibilities and day to day living. But what about your financial future? Who will take care of you?
I bet nobody. That said, I believe YOU MUST PLAN NOW to make the money you will need to take care of you for the rest of your life.
Sure, you can cut back on expenses, relocate to a more affordable place, possibly qualify for government assistance (if there is any left). Are forced choices how you want to live?
There is a saying I am sure many of you have heard: “God takes care of those who take care of themselves.” It is up to you to start today….with a self-directed IRA. Need I say more? www.theentrustgroup.com