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Retirement Planning

Planning for retirement: Fast facts for Americans

Most Americans want to retire, but some don't know how to get started. Here are some quick facts to help you plan for retirement and find out where your savings may stack up against other Americans.
Most Americans desire to retire at some point in their lives, but many don't know when to start saving and don't benchmark their retirement savings by age. In today's world of technology and resources, successfully planning for retirement can be achieved in a variety of ways. This list dives into a few facts about planning for retirement.

Are there retirement plans out there?

Yes. There are plenty of opportunities to start a retirement plan. According to The Pew Charitable Trusts nearly 66 percent of workers have accesses to retirement plans.

Is Social Security still relevant?

According to research a significant portion of elderly recipients derive more than half of their retirement income from Social Security. In fact, most currently retired seniors would have severely low incomes if it wasn't for Social Security.

Does Medicare cover retirees?

Unfortunately Medicare does not cover everything in post-retirement life. In fact, it doesn't cover many routine exams and will only cover up to 100 days in a nursing home. Retirees must find other sources of money to fund their retirement expenses.

Life expectancy remains high in the U.S.

The average life expectancy in America is currently 78.69 years of age.

No early-out with annuities

Because of strict guidelines designed to accomplish long term goals, anyone who wants to withdraw early from an annuity plan could pay significantly. Surrender charges and tax penalties can be very costly, depending on the carrier and the product.

Annuity administration fees add up

Administration and management fees for annuities will also vary by carrier. Shop around and compare and include these expenses when you calculate a rate of return.

More people are working post-retirement

According to Gallup nearly 74% of Americans say they plan to work post-retirement either full- or part-time.

Employer-sponsored plans still going strong

The most common employee-sponsored retirement plan is the 401(k).



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