In 2019, the median income in the United States will likely top $60,336, while an American can, on average, expect to live well past their 78th birthday.
The official retirement age – the “kick-in” for full Social Security benefits – is now 66 years and two months. That’s up to a maximum of $2,861; the estimated average monthly benefit is $1,461.
Lurking between the lines of these dry numbers are some frankly pretty shocking implications…
If you’re among the 58% of Americans who have any retirement savings at all, you stand a very good chance of outliving your money by a considerable margin.
The grass doesn’t look much greener on the other side. Forty-two percent of Americans haven’t saved a nickel and are relying on a Social Security system that looks more and more like the Alamo each year to provide essentially all of their retirement income.
So retirement is a big problem right now, but the proposed solutions all seem to boil down to “invest earlier and save more.” That’s hardly helpful.
What will help – what could potentially bring the retirement crisis to an end for everyone – is to learn exactly how to make your money make you money.
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