Last month, the National Institute on Retirement Security unveiled the findings of a new research report, The Retirement Savings Crisis: Is it Worse Than We Think? Of note, the report found that
- The average working household has virtually no retirement savings.
- When all households are included— not just households with retirement accounts—the median retirement account balance is $3,000 for all working-age households and $12,000 for near-retirement households.
- Two-thirds of working households age 55-64 with at least one earner have retirement savings less than one times their annual income, which is far below what they will need to maintain their standard of living in retirement.
There are a few things you can do to recession proof your retirement. I have been working with the Indexed Annuity Leadership Council, a not for profit group that helps educate consumers. I’ve been working as a spokesperson to help consumers plan for retirement. For my full blog on recession proof retirement, click here and enjoy!
What are some of the ways YOU are planning for retirement?
America’s Family Financial Expert (R)