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Tag: looming retirement crisis

It’s time to wake up! There’s a looming retirement crisis in America, and it’s going to take more than our government to fix these broken eggs. Let’s put it this way. We’re going to get scary, then we’re going to discuss what the heck we’re going to do about the mess.

Did you know?

  • 46% of Americans have less than $10,000 saved for their retirement
  • 29% have less than $1,000 saved
  • $6.6 TRILLION SHORT, American workers are falling drastically short of what they need to retire
  • 20% of all bankruptcies happen to those age 55 and older
  • 74% of us believe that we are going to need to work until we’re dead

Now if those statistics aren’t startling, you obviously don’t fall into any of those categories. However, if that startled the stuffing out of you, it’s time to really start considering how we’re going to get out of this mess.

Broken Eggs: The Looming Retirement Crisis in America is a hard-hitting and feature-length documentary film covering everything from the Pension crisis to Social Security insolvency, and more. It’s a multi-generation film, covering the stories of real people who are struggling with saving, are retired and aren’t making it, along with the policy makers and shakers in Washington D.C.

The thing is, we need to promote this conversation and get people really thinking about the issues. We all owe it to ourselves, our future selves, and everyone we share this country with to get involved.

That means you, your friends and family, me, everyone.

 

Crisis? What Crisis?

Sylvia Flores / 7 Feb 2013 / Ubiquity Insights

I did it. I put my house (crisis) up for sale. Now, I’m doing it FSBO for the moment—but I suspect that I will begin getting hit on by every real estate agent within a 20-mile radius. You want a piece of this? Yeah, you do.

One of my goals in 2013 is to get the heck out of debt and to get substantial savings in place. Another is to reduce the amount of crap I have. And that crap includes my underwater, in foreclosure home, which—by the way—could house a family of 8 comfortably. That being said, I am a family of two. We have about 2,000 more square feet than we could possibly need.

HAPPY NEW YEAR! To me.

So far, I’m off to a bangin’ start for 2013. I’ve increased my contribution limit for my 401k to 10%. <— What?!? YEAH! That just happened! And with that 4% match from my company, I am feeling good that I am working towards securing my future while NOT leaving free money on the table. I love free money. (You complete me, free money!)

The thing is we are in a totally different America than we were in just seven years ago. Getting a $100K credit line (while being totally undeserving of such a thing) is no longer happening. One does not just waddle out and get a home loan without a soaring credit score. I’ll tell you what—I want none of it. You can take your credit and shove it, Wall Street!

I am reimagining my life.

What do I want to be when I grow up? Not a MORON.

How do I get there? I am embarking on an adventure of discovery; one where I am no longer giving into my “I want, what I want, when I want it, which is now” previous attitude. The house needs to go. My kids are in college. The last kid is moving out in a short 6 months  (booo). That means I need to find an apartment or a house to rent. And guess what—maintenance of said house as far as repairs and appliances and taxes? Not my problem.

My house is a money pit.

My taxes every year in this pit are insane. And maintenance of the beast? Don’t even get me started. What I can save conservatively by finding a place for rent will get me out of debt within this next two years. Maybe even one year. And guess what? My house is not my retirement. My retirement plan that is compounding interest.

Resolutions. Why not?

2013 is going to be an awesome year. First off, the Mayan Apocalypse didn’t happen. But the looming retirement crisis still is—so what are you going to do to make sure your future self is secure and happy?

 

315,218,264 – US Population

(The population of the US according to the US Population Clock from the US Census Bureau.)

If you are like me, all of the talks about the national deficit, our taxes, spending and spending cuts, the debt ceiling, and our fiscal health as a nation, means so little out of context.

The numbers are enormous and they are incomprehensible to me.

To help make sense of it, and to personalize it, I will take a look at the numbers that our media and government throw around when discussing our fiscal situation and translate these into what it means for each of us.

Let’s start with our national deficit. In an earlier blog, I talked about what our national budget looked like when thought of as a household budget. The national deficit was one component of that.

Let’s think about that for a minute.

My little family of four has been burdened with $205,297 of debt that we did not ask for. If that were a mortgage, the payments would be about $1100 a month, or $13,200 a year for the next 30 years. I can think of a lot of things my family could do with that $205,297 if we were given the option.

Doesn’t matter if you are rich or poor, this is the math. Of course, in our progressive tax system, the more you have, the more you pay, but that is a whole other discussion.

When you walk down the street, I want you to see a number over everybody’s head: $51,349. That is how much of a debt burden has been put on each of us, and we let it happen.

How can we possibly expect every man, woman, and child in the US to come up with and pay off $51,349 when the average household income in this country, pre-tax, is $44,000 a year. Rich nation indeed.

So, when you hear talk about screwing our future generations, this is what it means.

Challenging times. Is it any wonder why we are facing a looming retirement crisis when so many workers do not even have access to workplace savings, and no leadership when it comes to personal and fiscal responsibility?

What do you think about this? Did you know this is much of the national debt is on you? Do you have other examples we need to talk about?

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© 2018 Ubiquity Retirement + Savings / Privacy Policy
1160 Battery Street, Suite 350, San Francisco, CA 94111 / Support: 855.401.4357