Baby Boomers Turn 65: 16 Jaw-Dropping Statistics About The Coming Retirement Crisis
(Shared by Dan Eisenhauer, Executive Vice President, Bank On Yourself Authorized Advisor)
Here are a few very scary statistics you will want to pay close attention to. This recent article details some reasons why you will want to seek other, safer solutions for your retirement years, instead of thinking you can rely on Social Security and other government programs.
Here are just a few “highlights” (for full article click the link below):
#1: Beginning January 1st, 2011, every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.
#2: According to one recent survey, 36 percent of Americans say that they don’t contribute anything at all to retirement savings.
#4: Over 30 percent of U.S. investors currently in their sixties have more than 80 percent of their 401k invested in equities. (So what happens if the stock market crashes again?)
#5: 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.
#11: Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern’s Kellogg School of Management recently calculated the combined pension liability for all 50 U.S. states. What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds. That is a difference of 3.2 trillion dollars. So where in the world is all of that extra money going to come from? Most of the states are already completely broke and on the verge of bankruptcy.
#12: According to the Congressional Budget Office, the Social Security system will pay out more in benefits than it receives in payroll taxes in 2010. That was not supposed to happen until at least 2016….
For the complete article, please go to: http://www.infowars.com/baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will-drop-your-jaw/
If any of this information is concerning to you, please contact Eagle Financial Solutions at 614-866-5837, or click here to schedule a free consultation and determine how a safe money approach to wealth generation can change your life significantly for the better.