Here are short summaries of three of the most interesting and thought-provoking items that have crossed my desk this week. Enjoy!
What would it be like to retire on $260 a month?
Have you ever thought about what kind of lifestyle you would have if your retirement plan only threw off $260 a month?
It’s a question a lot of Americans are going to have to start asking themselves.
A shocking article appeared this week on SmartMoney.com 1 revealing how much money the typical person approaching retirement actually has saved in their 401(k) and/or IRA. And it’s not a pretty picture…
A typical pre-retiree taking withdrawals the way most people actually do would only be able to take $260 a month.
Oh, yeah – the article didn’t even mention you gotta pay the taxes you deferred all those years on that money!
How much do you think is going to be left for food, housing, utilities, car expenses, medical expenses not covered by Medicare, etc.? You’ll be lucky if you can scrape by at all, let alone enjoy even the smallest of life’s luxuries.
Of course, maybe you’ll have Social Security and Medicare to rely on. Or maybe not…
[Read more…] “Bank On Yourself Round-Up for week of June 23, 2011”