Ohio Roundtable: The Public Square - Retirement - For What?
Retirement - For What?
How much money do you need to retire?
How much do you need to retire? If you care to know, the New York Times recently
published a study that reveals, if you're currently earning $30,000, by age 65, you have
to have $152,000 put away. If you're earning $75,000, you need $450,000 in the bank, and
if you earn, currently, $150,000, you'd better have over $1 million tucked away by the
time you're 65, for your retirement years.
If these numbers sound a little discouraging, you're not alone! Only about one-third of
all Americans are on track with their retirement savings. But the news gets worse!
Given the inability of Congress to balance the federal budget, the cost of entitlements
and the crisis looming in Social Security, in about 30 years, your retirement savings may
very well not matter at all! The reason is simple: By 2030, given our current spending
patterns, every credible economist in America predicts a total collapse of the federal
budget.
At that time, the folks who have saved the most may very well lose it all, as the
government seeks to restructure our national bankruptcy. This is why it is critical that
America get her financial house in order now. We simply cannot continue to go with an
unbalanced budget, growing deficits, and a skyrocketing $4 trillion plus national debt.
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