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Retirement - For What?

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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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