Corporate retirement plans and government employee retirement plans are in decline and now the government wants to take control of the 401(k) system
. Baby boomers need to take action now before their retirement is swept away.
The golden years of retirement is our time in the world to do the things we always wanted to do. Let’s take action now to help people enjoy the financial freedom to do the things they always wanted to do.
Well, if we can help people be assured of retirement income for life, we would enable people to live a richer lifestyle without fear of outliving their money or going bust during retirement.
Here are some facts everyone needs to know now:
1. More than 77 million baby boomers
built the largest and the wealthiest economy ever, built small and big businesses, the largest
housing districts and created a windfall of tax dollars for all levels of government. And our government graciously spent all of the tax dollars plus $16 trillion.
2. Ten thousand boomers retire daily, seven days a week, and some are forced into early retirement before becoming eligible for Social Security income. And they are spending down their IRAs and 401(k)s.
3. Social Security is underfunded by more than $16 trillion, and it is the largest holder of the national debt (which is now more than $2.7 trillion).
4. “Social Security is not enough to sustain the standard of living of almost anyone retiring today, so you will have to make
provision for your own retirement.” – President Bill Clinton
And President George W. Bush sounded the alarm when he said, “…Social Security
is flat bust!”
5. Financial universities and economists around the globe have concluded and documented that income annuities can provide an income for life at a cost as much as 40 percent less than a traditional stock, bond and cash mix.
6. People are living much longer in retirement than ever before. In Dr. Eric Plasker's book, "The 100 Year Lifestyle," he reveals there will soon be four million people in the U.S. aged 100 or older.
The most recent university studies revealed that a married couple at age 65 has a 50 percent chance of living beyond age 92 and a 25 percent chance of living beyond age 97. That’s 1 out of 4 (25 percent) that will live beyond age 97. Note the word, "beyond."
In part two of this installment, we’ll make a review of six financial tips to help everyone find a richer retirement and put to rest the fear of
outliving their money.