Looking forward to retirement? You may need to take a closer look at your investments. According to 2013 Census Bureau data, retirees in 47 of the 50 states are well below the financial mark when it comes to maintaining income in retirement. Residents of Kansas and other states must save more in order to survive in retirement or plan to stay in the job market longer to continue earning money.
It is recommended that retirees live on 70 percent of their pre-retirement income. Interest.com recently analyzed the data from the 2013 Census Bureau and found that households aged 65 and older are living on less than $40,000 a year. This equates to about 60 percent of the annual earnings of today’s 45 to 64 year olds. This number falls very short of the recommended percentage for retirement income.
Looking forward to retirement? You may need to take a closer look at your investments. According to 2013 Census Bureau data, retirees in 47 of the 50 states are well below the financial mark when it comes to maintaining income in retirement. Residents of Kansas and other states must save more in order to survive in retirement or plan to stay in the job market longer to continue earning money.
It is recommended that retirees live on 70 percent of their pre-retirement income. Interest.com recently analyzed the data from the 2013 Census Bureau and found that households aged 65 and older are living on less than $40,000 a year. This equates to about 60 percent of the annual earnings of today’s 45 to 64 year olds. This number falls very short of the recommended percentage for retirement income.
The disparity grows when the numbers are analyzed by state. Some places have a very high cost of living. When there is a high cost of living it makes it even more difficult for seniors to survive. Instead of retiring quietly, seniors are now staying in their jobs longer. For some this means competing with younger Americans for goods and services.
For those who are unable to find supplemental employment it can be difficult to make ends meet. Once debt free seniors may now become dependent on credit cards to make it through each month. Making minimum payments can be near impossible without a full-time job and meager retirement savings. There is hope for these individuals. A chapter 7 bankruptcy can provide permanent debt relief.
Source: money.cnn.com, “Seniors in almost every state are struggling to afford retirement,” Melanie Hicken, Oct. 9, 2014