Here's the state of retirement planning today:
- The baby boomers are preparing for retirement.
- Social security is in trouble. (We basically become insolvent in 2034)
- The median household has a little more than $100k saved.
The combination of these things isn't exactly a winning formula. Are we going to be okay and, either way, how can you know what to expect in retirement? Listen in as we explore the deeper reality here.
There Been A Historic Shift in Retirement Strategy
We've literally never seen a generation retire on the 401k and it's about to happen.
My grandfather and maybe yours too received a pension and social security. Every single month they receive a paycheck in retirement - guaranteed income. Any savings they had outside of their core income strategy was for additional expenses like traveling.
But, that isn't true today.
So... why did the retirement shift happen? Perspective is important.
Companies in the late 70's and early 80's were making long term pensions and they realized they could feasibly continue to give out guaranteed income. Especially as life expectancy continued to increase.
At the same time, the IRS came out with code 401k as a way for the wealthy to put aside extra money for the future. It was never intended to be a tool for saving for retirement.
The 401k was never intended to be a tool for retirement.
Within a few months, 401k's took over as companies saw a way to get out of guaranteed pension rates. And it was a perfect storm.
Instead of guaranteeing you funds, we will match what you put into a 401k and you will have a stack of cash for the future. And the market took off! Everyone wanted to have their money in the market instead of a pension fund. It was celebrated until the market crashed.
Now, A Generation Prepares to Retire as the First Group to Rely on a 401k.
No group before this generation has ever needed to trust the market for their success.
Here's my challenge: if you are willing to diversify your income streams, you can create a ton of flexibility to succeed in the future.
Listen in to the audio above at 9:25 to hear how this strategy works to make sure anyone about to retire can create multiple revenue streams and be well positioned for retirement.
Yes, there is a retirement crisis. But there is a number of options that allow you to take control of your future by building a customized plan.
If you want to set up a time for a free consultation to talk about your specific situation and create the reality you want just click below, and we can craft a strategy that works.