The Cold Hard Facts About Retirement
The common notion towards retirement is riding off into the sunset with lots of money and living the good life. While that may have been true in the past generation, things have changed a bit in the 21st Century. Check out these facts that we've gathered for you and be informed about the truths of retirement:
- For every one hundred people at age 65, 20 have annual incomes of less than $10,000, which is below the poverty level in most areas.
- For every 100 people at age 65, 51 have annual incomes that lay between $10,000 and $35,000, with a median income of $18,000 a year.
- For every 100 people at age 65, only four people have an annual income of over $35,000.
- For every 100 people at age 65, only one person is a millionaire.
- The average 50 year old person only has approximately $2,300 dollars saved towards their retirement. At 50 years old, most people will find it almost impossible to turn things around in order to retire financially secure.
- Only five percent of the population in Australia has $10,000 to their name by the time they are 65. This is not enough income for them to survive at retirement, meaning that more and more people have to continue working past 65, and many may never retire.
The truth about retirement is this: The world is changing and attaining financial freedom is a bigger challenge than ever. It is becoming a greater responsibility for people to take care of their own financial planning when they cannot rely on retirement plans or social security to do the work for them. By the age of 65, most people should have attained pretty comfortable financial freedom enough that they can retire, but unfortunately too many people are struggling to make ends meet, let alone to put away enough money to handle retirement the right way.
This is why a 21st century education is so important, teaching principals that will help people better handle their wealth building and financial planning, so that they can take the vacations they deserve, and so that they can retire when it is time to do so. It is never too early to begin planning for one's financial future, but there is certainly a point where it becomes much too late.
Author's Bio
Jamie McIntyre has been developing wealth building secrets and strategies for years, and now he is excited to be sharing them with people who are hoping to secure financial freedom all over the world. For more information about this vital education, you should visit www.wealthywayseducation.com and http://freedvd.wealthywayseducation.com.
