Retirement planning is something many of us take for granted until it is time to begin the process of planning our exit from the workforce. Trey Duncan with Woodmen Life shared some startling data with the Elizabethtown Rotary Club.
Rotarian Duncan explained that 1 in 3 Americans has no money saved towards their retirement. He said this applied to individuals age 24 to 64. He also noted that 23 percent of Americans have only $10,000 or less saved for retirement. Duncan said 60 percent of the individuals who are retired are worried about their financial security and whether or not they are going to run out of money.
“Retirement for most people is what everyone looks forward to. You don’t work in a job for 30 to 40 years and expect to keep on working when you are 70 years old,” said Duncan.
He said his goal is to hopefully motivate anyone who has not already begun to save towards retirement, to begin to think and plan now for their financial needs in the future.