Official Social Security Site To Retire

Retirement, so many questions, so many decisions, sometimes we need to ask what to do? A friend of mine asked me should he could set up a retirement savings account, I of course said yes. Then he asked how? I said really, go to your bank and they will be able to give you all the information you need. He then asked if he would be able to retire in a couple of years. Sure, if you put about $500,000 away in that time.

The point is that when you set up your retirement savings account, do some math. Figure out what you will need to live on and look at the time frame in which you want to retire and put that amount of money away each week or month. Don’t depend on Social Security to do the job as it will only provide about 20 to 25% of what you will need to maintain your standard of living.
Hopefully you won’t have a mortgage when you retire because generally that payment would consume 30-40% of your income. Most home prices will stabilize over the next 10 years and most people underwater right now will be ahead. You can plan on selling that big old house and rent in a retirement community. Growth of this type of community is expected to increase by nearly 40% over the next 10-15 years.

If you haven’t set up a retirement savings account don’t wait, do it now even if you plug in the minimum amount. But I don’t have any extra cash to spare! Well the statistics show that you are not alone, 50% of men and women who are now in their 50’s are not ready. According to a survey, 51 percent of workers age 55 and up have saved less than $50,000 in retirement savings (not including the value of a primary residence). And 39 percent of workers in the same age group have saved less than $25,000 in retirement savings. Just set up your retirement savings account, remember, it’s never too late, whatever you do will be a help.