Salinas, CA: Survey Says $1.1 Million Needed To Retire: Most Have Less Than $25,000: View From A Private Duty Caregiver Serving Carmel, Carmel Valley, Carmel-by-the-Sea, Gilroy, Gonzalez, Greenfield, Hollister, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, San Juan Bautista, Seaside And Soledad California
There was a depressing story in USA Today 12/5 entitled, "Many have little or no savings as retirement looms." It said that less than half of those retiring have more than $25,000 in the bank, a paltry sum given how quickly prices for basic things like energy and food have been rising. Of course everyone knows how badly the stock market decline and the housing bust has hurt the average American, but trying to retire with $25,000 would definitely put one in the poverty level. That's particularly true here in Monterey County, which recent research has shown is one of the most expensive counties in California to retire. There was a story in the Monterey Herald about a woman just turning 100 who lamented how quickly life passes. Unfortunately, most aren't financially prepared to live to this ripe old age. "We were in our 30's, blinked, and now we're our parents age," Alan Tips told USA Today. When working, Mr. Tips is a pilot making about $100,000 per year but he has been laid off three times in the last four years and now, at age 52, is taking money out of his 401K to keep the lights on in his home. The article says that a 65-year old retiree would need to have $1.1 million in the bank at retirement in order to draw $50K in inflation adjusted dollars per year for the rest of their life. Good luck with that for most of us. 36% of workers surveyed recently said they will continue working after the age of 65, the highest level in 21 years that the survey has been conducted.
http://www.usatoday.com/money/perfi/retirement/story/2011-12-02/retirement-not-saving-enough/51642848/1
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog
There was a depressing story in USA Today 12/5 entitled, "Many have little or no savings as retirement looms." It said that less than half of those retiring have more than $25,000 in the bank, a paltry sum given how quickly prices for basic things like energy and food have been rising. Of course everyone knows how badly the stock market decline and the housing bust has hurt the average American, but trying to retire with $25,000 would definitely put one in the poverty level. That's particularly true here in Monterey County, which recent research has shown is one of the most expensive counties in California to retire. There was a story in the Monterey Herald about a woman just turning 100 who lamented how quickly life passes. Unfortunately, most aren't financially prepared to live to this ripe old age. "We were in our 30's, blinked, and now we're our parents age," Alan Tips told USA Today. When working, Mr. Tips is a pilot making about $100,000 per year but he has been laid off three times in the last four years and now, at age 52, is taking money out of his 401K to keep the lights on in his home. The article says that a 65-year old retiree would need to have $1.1 million in the bank at retirement in order to draw $50K in inflation adjusted dollars per year for the rest of their life. Good luck with that for most of us. 36% of workers surveyed recently said they will continue working after the age of 65, the highest level in 21 years that the survey has been conducted.
http://www.usatoday.com/money/perfi/retirement/story/2011-12-02/retirement-not-saving-enough/51642848/1
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog
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