A Retirement Savings “Wake Up Call”
The lack of adequate savings, at least by some measures, so often reported in the media takes center stage in a TD Ameritrade study released earlier this month. In summary, the study’s results point to more than half (53%) of participants indicating that their savings for retirement are less than $100,000, while 37% are in even worse shape, with less than $50,000 socked away. These percentages, by the way, were reported by participants in the age 50-59 bracket, presenting the dilemma of running out of time.
Retirement savings inadequacy has been a long-reported issue, and many media sources have been sounding the alarm for some time. An article posted today by The Motley Fool’s Maurie Backman on their website echos the advice so frequently offered…”Ramp up on savings while you can.” Read Ms. Backman’s post here, and know that the Association of Mature American Citizens (AMAC) likewise advocates for personal responsibility in accumulating a retirement nest egg on your own.
AMAC’s proposed legislative framework, as presented in “The Social Security Guarantee” now being promoted in Washington, addresses this issue specifically with the inclusion of provisions for a “Social Security Plus” feature designed to provide a means for all earners to have more income available at retirement. While geared to younger workers–those planning a savings strategy for the long haul–the feature would also provide those closer to retirement at least some relief in the financial planning dilemma. Learn more about AMAC’s plan to preserve and modernize Social Security via the AMAC.us website, and learn even more about the Social Security Plus feature here…