It’s time for Americans to face the reality of retirement planning. Considering that defined benefit plans are moving closer to full extinction each year, it’s now more important than ever for individuals to save for retirement. This is not always an easy process, but you can improve your odds of an ideal retirement by educating yourself and planning for it as soon as possible.
Millions of Americans are worried about their so-called golden years — with good reason. According to Bankrate.com, 28% of Americans say high medical bills are their top financial concern about retirement. Making matters worse, higher income provides little comfort. Households making more than $75,000 are actually more worried about medical expenses than the overall population. Meanwhile, 23% of Americans say running out of savings is their biggest financial concern, followed by 18% who say unaffordable daily expenses. Eleven percent of Americans are most worried about having too much debt in retirement.
With stagnant wages, rising living expenses, and an overall sluggish labor market, numerous obstacles face workers trying to save for retirement, but no one cares about your financial future as much as you. Let’s take a look at seven charts that are crucial to the retirement planning process.