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In general, we don't know how to achive our retirement goals
Retirement may be just around the corner for you…do you know what you need to know? Do you have a clue as to how much you can expect to pull in weekly in retirement? Most boomers don’t have a clue. Prudential Financial’s Workplace Report on Retirement Planning published yearly says potential retirees know what they want, but are woefully lacking in the knowledge as to how to achieve those goals.
What boomers want (don’t we all) is a weekly retirement income that will like the energizer bunny, just keep on going and going. But only one in five feels like they have enough information to make it happen. And if you are female, single, and no pension from employment you feel even more helpless.
The report goes on to say that the feeling of unpreparedness is justified. Pre-retirees are still trying to build the nest egg, rather than figuring out how to generate income once they are retired. The current retired generation looked to those traditional pensions that came with working for a single employer for years on years. Those looking to retire in the next ten years need to look to annuities and other financial products to convert the savings into income.
The report says less than 20% are banking on an income annuity. The lesson in all this is education, become educated as to your options. Look for a good financial advisor to get you going in the right direction. You want to be comfy in your retirement, so get the edge right now.
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