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The Retirement Crisis

How are you preparing for retirement?

In June of last year (2017) the Federal Reserve Board published their "Report on the Economic Well-Being of U.S. Households in 2016 - May 2017." In this report, one of the topics that they covered was retirement. What they found is that 28% of non-retired adult Americans do not have any retirement savings or pension at all. 

In October of 2017 the U.S. Government Accountability Office found that roughly 52% of households age 55 and older had no retirement savings. The median amount of those who did have savings was roughly $109,000, which would equate to about $405 per month for a retired 65 year old adult.

So how are you approaching your retirement? Are you putting it off and leaving your future to chance and government compensation, or are you going to take charge of your financial future and work towards achieving early financial independence and retirement?

If you would like to read the full reports, the links are below;

https://www.federalreserve.gov/publications/2017-economic-well-being-of-us-households-in-2016-retirement.htm

https://www.gao.gov/products/GAO-18-111SP

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