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Replacing Traditional Retirement Accounts
In the presence of what some are referring to as a “retirement crisis,” many experts are looking for better alternatives to plans such as the 401(k). The reason that these plans are being looked in to like this is because of the huge amount of people that are reaching retirement age grossly underprepared financially. Only half of American families have a retirement account in place, and of those that do the average savings is a paltry $5,000. This statistic does cover all age groups, however in the 56-61 bracket, those nearing retirement in the next 5-10 years, the average savings is only $17,000. This is a far cry from even the most conservative of estimates that experts say you should shoot for in your retirement savings. Social Security itself is not meant to be your main source of income in retirement, it is meant to bolster and supplement your personal savings, yet many retirees rely on it as they have no other savings. For more information on this subject, visit this article by Ryan Cooper with The Week.
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