Bohemia, NY (PRWEB) January 16, 2013
On January 16, 2013, Savings2Income releases a statement following a Fox Business article by Richard Barrington entitled, “Five Hard Facts on Retirement”, regarding retirement and retirement savings.
According to the Fox Business article, “Saving for retirement is a monumental task. Unfortunately, today's chronically low savings rates suggest that too many Americans don't take it seriously enough.” The article states that the five hard facts of retirement are: Americans living longer lives; inflation; bank accounts producing less; lower Social Security payments; and, higher rates for assisted living care.
The article states that with Americans living 18.7 years longer, retirement represents 25% of your life. According to the article, “For nearly 100 years, U.S. inflation (as measured by the Consumer Price Index) has gone up at an average rate of 3.21% a year.” The article informs that due to this, younger generations could find things to be four times more expensive than they are now by the time they are 65. “Prices may be rising inexorably, but CD and savings account rates have been heading in the opposite direction,” states the article.
Fox Business also states that lower savings account rates means saving enough money to even be able to produce adequate retirement income. In the article the final two problems are that the average Social Security monthly retirement payment is only $1,220, and the average rate of assisted living care cost is now $40,000 a year.
Savings2Income (S2I) developer Jerry Golden expresses his thoughts and concerns about the hard facts of retirement savings. Golden states, “As developer of S2I, we can’t do anything with the facts of savings other than to encourage investors to take advantage of tax-qualified savings, or if they’re not part of, say, a 401(k) plan, put savings in a low-cost tax-deferred variable annuity on a regular basis.”
Where S2I can also help is in getting the most dependable, spendable retirement income from those savings. “The decisions you make after you retire are as important as the decisions you make before retiring,” Jerry added.
This innovative Savings2Income planning method created by Jerry Golden helps provide a clear path to retirement security for anyone saving for retirement, soon to retire, or recently retired, and incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan, and Social Security into an integrated solution.