It’s the trillion-dollar question: What’s going to happen to soon-to-be retirees? One thing is certain: Millions of middle-aged Americans will likely retire a decade or two before those actuarial estimates of their average life expectancy. Many economists, businesses and government officials around the world are wondering how to prepare for the world’s biggest retirement party.
That “million-dollar figure” often cited as a safe nest egg may indeed prove inadequate for the estimated number of centenarians expected to be among us by the year 2020. Their numbers are expected to double, and according to one news report, may increase to seven times the current number of 72,000. Most Americans haven’t nurtured a nest egg anywhere near that million-dollar sum.
The idea of outliving your resources hasn’t yet hit home for many Baby Boomers, who are still wading through the wreckage of the housing market. In fact, it was those very fears that partly fueled the speculative bubble that led to the housing crash.
There may be as many retirement strategies worldwide as there are Baby Boomers. Peddlers of retirement strategies abound, but in reality many are drawn from the same playbook. If you really take the time to peruse the average retirement strategy’s fiscal strength, it could give you pause for thought.
On what are the suppositions based? We’re facing an historic demographic crisis and few are feeling confident that the U.S. government can manage such a challenge — particularly since our two parties cannot come to an agreement on fiscal policy in a timely fashion. Think about it.
This educational third-party article is being provided as a courtesy by Jeran Van Alfen, CFP, President of Empire Wealth Strategies LLC. For additional information or topic(s) discussed, please contact Jeran Van Alfen at 385-212-4247.
Financial Adviser offering investment advisory services through Eagle Strategies LLC. A Registered Investment Adviser.
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