RETIREMENT CRISIS
In this retirement crisis, every minute you wait is a dollar less from your retirement savings.
This is what we used to rely on for a stable retirement income...
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Traditional pensions have largely disappeared in the private sector, leaving millions with riskier 401(k)s which do not guarantee a lifetime income.
Rising costs and stagnant wages have chipped away at this leg, leaving many with dangerously low savings for the long decades ahead.
With funding challenges and questions about its future, benefits may not keep up with inflation, and retirees could receive less than expected.
With the old 3-legged stool of retirement no longer dependable, it’s more important than ever to understand how timing affects your investments.
THE TRUTH ABOUT WAITING TO GET STARTED
Take Sarah and Lucy as an example...
This is Sarah. She started investing $2,500 a year at age 30.
And this is Lucy. Unlike Sarah, she waited until she was 40 to start investing the same amount.
They both have the same goal: to retire at age 65.
Sarah and Lucy each invested $2,500 a year for 25 years. Sarah stopped paying in at age 55, while Lucy had already reached 65 by the time she stopped.
Although both invested the same total amount over 25 years, their outcomes were very different. At age 65, Sarah’s investment grew to $204,074, while Lucy only accumulated $125,284.
How does that happen? Those 10 extra years!
Sarah’s investments had an extra 10 years to grow, thanks to the power of compound interest. That extra time meant Sarah ended up with $78,790 more than Lucy by the time they both turned 65.
Yes, that’s the high cost of waiting to invest! Time is your greatest ally when it comes to building wealth, so the sooner you start, the better.
"Nearly 46% of Americans have no retirement savings, leaving many heavily reliant on Social Security, which may not be enough to cover their retirement expenses..."
USA FACTS
ARE YOU ON TRACK FOR RETIREMENT?
Use these calculators to start planning your financial future.
Financial independence number calculator
How much money do you need to achieve financial freedom? Your Financial Independence Number (FIN) is the amount you need saved and invested to live comfortably without relying on a paycheck.
million dollar savings calculator
Want to retire with $1 million by 65? See how much you need to save each month to hit your goal. This calculator helps you break down the numbers based on your current age and average investment returns.
The title on the calculators should also be updated to:
Financial Independence Number and Million- Dollar Savings
$1,000,000
How much do you need to save each month to reach $1 million by age 65?
How much do you need for your Long-Term Care?
Without proper planning, long-term care expenses can quickly drain your savings. You have to make sure that your retirement plan covers this essential but often underestimated need.
SELECT THE YEAR TO SEE THE PROJECTED COST:
2024
In-Home Care
Home Maker Services
Home Health Aide
$5,989
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
$10,768
Private Room
2030
In-Home Care
Home Maker Services
Home Health Aide
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
Private Room
2035
In-Home Care
Home Maker Services
Home Health Aide
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
Private Room
2040
In-Home Care
Home Maker Services
Home Health Aide
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
Private Room
2045
In-Home Care
Home Maker Services
Home Health Aide
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
Private Room
2050
In-Home Care
Home Maker Services
Home Health Aide
Community and Assisted Living
Adult Day Health Care
Assisted Living Facility
Nursing Home Facility
Semi-Private Room
Private Room
IT’S YOUR CHOICE…
NO, YOU DON’T HAVE AS MUCH TIME AS YOU THINK
Retirement isn’t as far off as it seems, and the longer you wait, the harder it will be to reach your goals. Every year that passes is an opportunity missed.