It is never too early or too late to plan for your retirement needs. The following facts illustrate the need for saving for retirement:
BEHIND THE CURVE – 95% of companies in the S&P 500 (476 firms) have underfunded pension plans (source: Bloomberg Businessweek).
EVERY SINGLE DAY – 48 million Americans are at least age 65 today, representing 15% of our 326 million citizens. The number of age 65+ seniors is projected to increase by a net +4,700 per day over the next 18 years, i.e., the net 4,700 is seniors turning age 65 less deaths in the 65+ age group (source: Social Security).
SIGNIFICANT – 19% of the US population is currently receiving a monthly benefit payment from Social Security, i.e., 61 million out of 326 million Americans (source: Social Security).
SAVE FOR A RAINY DAY – The personal savings rate in the United States fell to 3.8% in June 2017, its lowest level since August 2008. The all-time low for this statistic is 1.9% in July 2005. The rate is defined as “savings” (i.e. after-tax income less consumption spending) divided by after-tax income (source: Department of Commerce).
Ann Arbor State Advisors provides advisory services for employer sponsored retirement plans. Please feel free to contact me if I can be of assistance to you.
Investments advised by Ann Arbor State Advisors: a) are not insured by the FDIC; b) are not deposits or obligations of Ann Arbor State Advisors, Ann Arbor State Bank or their affiliates; c) are not guaranteed by Ann Arbor State Bank, Ann Arbor State Advisors or their affiliates; and d) are subject to investment risk including possible loss of principal.