These Numbers Are as Bleak as the Weather Outside my Window

Debbie Hatch  |  Pinnacle Personnel Services

Updating my retirement savings slides this rainy morning, while I enjoy a cup of coffee.

The numbers are as bleak as this weather.
 
According to a NW Mutual 2019 Planning & Progress Study, 22% of Americans have less than $5,000 in savings earmarked for retirement. 15% have no retirement savings at all. 
The news for federal employees is not much better. 87% of people (CSRS, FERS & Military) have less than $250,000 in their TSP.
 
Average life expectancy is this country is 83.  More than half (56%) of American don’t know how much money they’ll need to retire comfortably.  On average, people think there is a 45% chance they will outlive their savings and 41% have taken no steps to address the issue.  
 
I know I’m not the only one who is terrified by these numbers?When I surveyed my e-mail list this past week, the number 1 concern expressed was:
 
“I won’t have enough money to take care of myself in retirement.”
 
That is a VERY real concern.
 
I don’t believe we should live like paupers while we’re earning “merely” to save for retirement but we DO have to start planning for our older age. We simply must. 
The way we start is by:
Bridge the gap from two perspectives.
2.  Determining how much money we have, and
3.  Making a plan for decreasing the shortfall – the difference between those two numbers.  
The sad reality is that many of us spend more time planning our wedding and/or vacation than we do planning for retirement.  Really think about that for a minute.
It is my goal to help as many people as possible understand how critical it is to save for retirement.  We have to take care of ourselves and I believe there is a retirement triad.
All three are critical.  One or two without the other(s) doesn’t work.
I’ve been helping people plan for this next stage of life for more than 24 years. I’m certified as a holistic personal trainer and mindset coach. I’m licensed in annuities and insurance (I sell neither – I studied and sat for the exam in Virginia to specifically learn about both topics). I’m a certified presenter for the Federal Long Term Care Insurance Plan. presented on this topic in thousands of seminars over the past 15 years, consulted with private clients, created a Retirement Roadmap and am putting the finishing touches on a Virtual Retirement Planning Course just as quickly as I can.  How can I help you?

Don’t want to miss a post? Sign up for the Newsletter and be the first to read new posts.

Leave a Comment

Leave a Comment

You May Also Enjoy

October Newsletter: 2021 Federal Benefits Annual Open Season

Since the calendar now shows 17 October, evidently September is gone.  Happy (belated) New Year to my contracting and finance friends.  I spent last month in Maine with my daughter and three of my grandchildren.  It was great to be around family and also see the foliage I’ve missed for the past 25 years.  Pictures

Read More »

If “This” is Important, Why Am I Not Already Doing It?

Pinnacle Personnel Services, LLC  |  Debbie Hatch This title is not intended to be a throw back to the trite “if it’s important, you’ll always find a way” fitspo quote.  I don’t believe in that, personally.  There’s so much that’s important, it can be overwhelming.  Life happens.  There are things we can’t control.  I selected

Read More »

Here’s What’s Up with Federal Benefits in July

Pinnacle Personnel Services LLC  |  Debbie Hatch   This year has been so odd.  It seems like it’s flying by – it’s July! – but it also feels like it’s already lasted for ten years already.  Just me? REMINDER:  taxes are due on the 15th.  If you haven’t done them yet (hello, mirror) you may

Read More »