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Larry Ellner
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Larry Ellner   My Press Releases

Will Your Retirement Dream Be A Nightmare

Published on 6/2/2014
For additional information  Click Here

Are You Prepared For Retirement?

What we’re going to share with you is shocking! It may overwhelm you and leave you wondering what

you can do to avoid becoming a retirement casualty.

According to AARP and Fidelity 48 % of the next decades retirees will not be able to afford basic expenses in retirement, a figure echoed by the Employee Benefit Research Institute (EBRI), and, 44% of retirees are in danger of outliving their money.

 

Let us paint a picture for you. A 55 year old male in year 2014, wants to retire at age 65, is a non-smoker, social drinker, not obese and has parents who were not diagnosed with Heart Disease or Diabetes before age 60. According to the data available, he has a life expectancy of 78.9 years. Thus, he will need to maintain his desired lifestyle for 14 years if he retires at age 65. 

 

Assuming, he needs an income of $75,000/year to maintain his lifestyle in retirement, and has maxed out his Social Security benefit, this is an estimate of where he stands. He can expect a Social Security benefit of $29,250/year. A standard "Rule Of Thumb" is you cannot draw down more than 4%/year on your asset pool or you will be in danger of outliving your money.  Using the Rule Of Thumb he will need an asset pool of $1,143,750 to make up the remaining $45,750 in required to make up the $75,000. 

 

All of these projections assume their will be no rise in inflation and that Social Security and Medicare benefits will remain stable.  Would you be willing to bet your retirement on that?

 

Here comes the shocking part. Fidelity claims that someone 55 or older who has been active in his or her 401(k) for the past 10 years is likely to have $269,500 saved, which sounds wonderful until you hear that $220,000 will just cover the medical expenses for a 65-year-old couple in retirement. Besides, most Americans don't have nearly that much anyway:

According to the Center for Retirement Research at Boston College, the typical retirement account for a worker nearing retirement is only $42,000. (Oh, and 55 percent of current workers don't have any employment-based savings at all.) AARP says that three-quarters of Americans between 55 and 64 have less than $30,000 “socked away” for retirement. It all adds up to a $6.6 trillion gap between what we have and what we need.

So what will we do now? Will we change what we expect of life when we retire?

Are You OK with a substantially reduced retirement lifestyle?

If there was a legal and ethical way to Rescue Your Retirement Would you like to know about it?

Can you be coached and trained?

If you answered yes to any of these questions I’d like to invite you to a Free 30 Minute “Retirement Rescue” Coaching Session.


Together, we will create a crystal clear retirement vision.

Analyze where you are

Calculate what you will need

Reverse engineer a suitable retirement plan.

To Register for your Free 30 Minute “Retirement Rescue” Coaching Session.

Email: larryellner@gmail.com

Phone: 561-413-5000

Skype: LarryEllner


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