Rochester, NY (WROC) — A new research As Americans approach their golden age, only about half of American households indicate they have enough savings for retirement, and just 31% of those surveyed have at least $100,000 stash.
Ethan Wade According to Brighton Securities, people not having enough money to retire is nothing new and not a reflection of the current economy.
“It’s been a problem for decades that saving has become a challenge for Americans as retirement approaches,” he said.
Wade says President Franklin Roosevelt created social security In the 1930s, I hope Americans aren’t stuck in a difficult time in the Golden Age.
“Roosevelt created it so that Americans could live just above the poverty line,” Wade said.
He said you can’t count on what Social Security pays to get you through. That’s it,” says Wade.
If you are lucky enough to get the most out of your donations, an investment account can be considered as another option. The survey also showed that about 40% of households have her $100,000 net worth, but that means different things to different people.
“Your home is an asset. Your checking account is an asset. Your retirement account is your asset,” he said.
What is the best thing you can do in your working life? Wade says it’s easy.
“Use within your means. Live within your budget. Spend as little as you can bring.”
Wade leaves this extra piece of advice for all of us, young and old… no doubt he’s passing it on to his son Griffin (who patiently sat in his lap during the interview).
“There is a saying that the best time to plant a tree was 20 years ago and the next best time is today,” he said. So if you have extra money, hide it or invest it. There’s never been a better time to start.
