Today 10,000 new baby boomers retire each day. Think about it: Many people don’t get defined pension plans from their employers anymore.
If anything, employers have reduced their 401k match, while employees are contributing less to their 401k.
What about social security? The IRS tells us a third of today’s retirees get almost 90% of their income from social security. This statistic is very alarming; 1/3 of retirees are wards of the government and living off fixed income from the government. Additionally, we have another 1/3 of retirees who get 50% of their income from social security. All told, people retiring and folks hitting the social security system are expected to get 55% of their income from social security. So, what are the alternatives for income? Read More…