Retirees are working longer and delaying Social Security may make it worse (#309)
Manage episode 437600855 series 3320629
Episode Overview: In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway dives deep into the startling statistic that nearly half of middle-class Americans plan to work beyond the age of 65. Is this a matter of choice or necessity? Join us as we explore the changing landscape of retirement, the financial challenges facing many Americans, and the need for a well-thought-out retirement plan.
Key Takeaways:
- Retirement Planning Crisis: Many Americans are not adequately preparing for retirement, with some completely discarding traditional retirement plans in favor of relying solely on their 401k accounts.
- Increased Life Expectancy: With the expectation of living longer, middle-class Americans face the challenge of funding a retirement that could last 25 years or more, often with insufficient savings.
- The Importance of Early Retirement Planning: The podcast stresses the importance of starting retirement planning early to ensure a financially secure and fulfilling retirement.
Memorable Quotes:
- "Imagine working 40, 50, 60 years—can employees afford to pay someone who's been working there 40 years the same as they would someone who may be in the business for only 10?"
- "People sacrifice their younger years to gain money to protect themselves in retirement, and then when they retire, they don’t do anything. When are we going to stop and say, 'I need to live this life?'"
- "You're making $100,000 a year, and over a 20-year career, you can't save more than $66,000? This is no accident."
💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
📞 Have a question for the show? Email us at: aridgeway@abrwealthmanagement.com
🏠 Visit our Website: https://www.abrwealthmanagement.com
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
321 episodes