From Financial Mentor:
Traditional retirement planning has failed.
According to the New York Times, 75% of Americans have less than $30,000 in their retirement accounts, and 49% of middle-class workers will retire poor or near poor.
According to Hewitt Associates, 4 out of 5 workers will fail to meet all their financial needs in retirement.
Employee Benefit Research Institute reports that 81% of workers nearing retirement age (45 or older) have less than $250,000 in savings and an astounding 48% have accumulated less than $25,000 as they approach retirement.
Only 14% of American workers are confident they will have enough money to retire according the annual Retirement Confidence Survey.
The evidence is overwhelming that something is wrong with traditional retirement planning. It's an old world model in need of a major facelift.
The problem is baked into how the retirement system is designed – it's not realistic. The skills and knowledge required to successfully execute a traditional retirement plan are beyond most workers' abilities...
Read full article...
More on retirement:
You have less than 50 days to protect yourself from a new hidden tax
Must-read: New report shows Social Security is a "terrible deal" for most retirees
A huge retirement mistake many Americans could be making right now