At first glance, it looks like the Unites States is partially recovering from the economic depression that it has been struggling with for years. Home prices have rebounded and stocks are experiencing new all-time nominal highs right now, but what does that mean for the average American retirement and savings plan?
What is a Nest Egg for the Average American
When people talk about their nest egg, they’re talking about the amount they have in their investment and savings accounts, and right now, that amount isn’t very much. For 57% of average American households, once you exclude the value of their primary residence as well as any defined benefits plan, there is less than $25,000 in their savings and investment accounts. For 28% of average American households, there is less than $1,000 in their savings or any additional investment accounts. This doesn’t bode well for many American’s plans for a comfortable retirement, and Oregon residents who face these dismal odds should start to consider getting financial help right now. You could read a financial book like Investing Simplified or watch clips from their online show. You could even talk to the Financial Doctor in person!
How Long will Your Nest Egg Last?
Only a handful of people in the United States have a nest egg large enough to support their current lifestyle after retirement. The majority of Americans however, will not be able to enjoy their current lifestyles and may even have to make drastic lifestyle changes if they want to live off their savings and investments in addition to their social security or other pension plans they may have.
Get Investment Advice from a Financial Expert
If you’re one of these households that have less than $25,000 in the bank, then now is the time to contact a financial expert like Chuck Price to discuss your investment and savings options. Building a nest egg takes a lot of hard work and dedication, but your retirement depends on it.
Even though in the United States requires employers to take 6.2% of each employee’s salary for social security, the average annual payout per person is only $15,000, which is much less than what many employees make annually during their working years. This is the reason why Americans need to take steps in building a sizable nest egg now so that they have something to add to their social security during retirement.
Financial Author Chuck Price Can Guide Your Investments
When you sit down with an investment advisor, you can draw up a plan of attack and figure out some different ways to save money and invest your savings. Turn your savings into an ongoing supply of cash that is readily available to you during retirement so that you don’t have to fall back on drastic measures in order to live comfortably after retirement and to the end of your life.