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Your retirement income may not be enough

Published: Tuesday, February 18, 2014 @ 5:45 PM
Updated: Tuesday, February 18, 2014 @ 5:45 PM

Ten thousand Americans retire everyday and many of them will spend their golden years in poverty. Experts say many others will scrimp and save only to find that
what they have is nowhere near enough.

William Wood is the program director for Wright State University's financial services degree program. He said the second half of the baby boomer generation will face the most financial problems.

"I think those who are in the middle income bracket are the ones who are going to be most disappointed by retirement," said Wood.

A recent study shows 30-percent of the workforce has less than $1,000 in savings and one in three retirees is relying on social security alone to support them.

Wood said too many people still think that if they work hard, the money will just work out.

"A significant portion of them are truly facing a life of near poverty in that respect," Wood said. "There are all of these issues that are outside of their control that have not been anticipated and planned for."

These issues include taxes, stock market declines and the cost of medical care.

"We don't see as many pensions anymore," said Michael Manes, owner of "Right At Home Health Care." His company provides round-the-clock help for senior citizens and he sees first-hand the financial troubles of those who did not plan for their golden years. "We don't see as much in savings or we see the children of the elderly paying for the home health care themselves."

Most financial planners say you need eleven times your annual salary in the bank when you stop working. If your household income is $75,000 a year then you should have $875,000 saved for retirement.

They also say it's never too early to start saving for retirement and young people in the workforce should not delay enrolling in a 401-K retirement plan.

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