52% of American households are at risk of not being able to maintain their standard of living in retirement – even when factoring in potential proceeds of a reverse mortgage.
That’s according to the Center for Retirement Research at Boston College.
Let’s take a look at three critical reasons for that… and what you must do now to protect yourself…
Problem #1: People continue to live longer, but aren’t working longer
According to the Social Security Administration, 25% of people turning 65 today will live past 90, and one out of ten will live past 95, yet most financial planners base their projections of how much money you’ll need on your living to age 85 or so.
What if you’re one of the lucky ones who hangs on until 100 or longer? And just how “lucky” will you feel if you can’t provide for yourself during those final years?
Solution: Assume you’ll live to at last age 100 when determining how long your money will need to last you.
Problem #2: Underestimating health-care and long-term care costs in retirement
The numbers are shocking, and almost no one is accurately accounting for this: A 65-year-old couple retiring now will need $245,000 just to cover out-of-pocket health-care costs during retirement, PLUS another $255,000 to cover one average stay for one person in a nursing home.
Whoa! That’s half a million dollars you’ll need just for medical care… but most people close to retirement don’t even have that much in total retirement savings.
Solution: Increase the amount you save every single year, and put more of your savings in financial vehicles that are safe and guaranteed to grow even when the markets are tumbling.
Problem #3: Underestimating the impact of a stock market crash just before or after you retire
A stock market crash at that stage of your life can reduce your retirement lifestyle – forever.
Solution: Take full responsibility for your own financial security.
Don’t rely on the “conventional” retirement planning wisdom – what everyone just assumes is true … because everyone else assumes it’s true. And if the conventional wisdom were correct, then why would the majority of Americans have to worry about lowering their lifestyle in retirement?
How to Enjoy Financial Security and a Rich Retirement for Life
FACT: It isn’t necessary to risk your money to grow a sizable nest-egg. Hundreds of thousands of folks have bypassed Wall Street and achieved true financial security for life using a supercharged variation of dividend-paying whole life insurance.
It’s an asset that’s grown in value every single year for more than 160 years – including during the Great Depression, Great Recession, and during every period of economic boom and bust.
You can know your bottom-line, guaranteed numbers and results before you decide if adding the Bank On Yourself method to your financial plan is right for you. It’s amazing how motivating saving money becomes when you don’t have to worry about the next market crash wiping out your hard-earned savings again.
No other financial product comes with as many advantages and guarantees as Bank On Yourself – including safety, predictability, liquidity and control, along with numerous tax advantages.
Find out how much more peace of mind and retirement security you could enjoy if you added Bank On Yourself to your financial plan when you request your FREE Analysis here:
Please do yourself and your family a favor and click the link above to take the first step!