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How to avoid retiring in poverty

Video Credit: KGUN, Tucson, AZ - Duration: 01:56s - Published < > Embed
How to avoid retiring in poverty

How to avoid retiring in poverty

About 40-percent of middle-class Americans will fall into poverty or near-poverty by the time they reach 65, according to the Schwartz Center for Economic Policy Analysis.

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How to avoid retiring in poverty

EVER TAKE -- BUT MANY AMERICANSJUST AREN'T FINANCIALLYREADY.NINE ON YOUR SIDE'S TAJA DAVISSPOKE WITH A FINANCIAL GROUP --THAT AGREES -- PEOPLE AREN'TSAVING ENOUGH.00:00 - 00:2200:24 - 00:3200:32 - 01:1201:12 - 01:2501:25 - ENDTAJA DAVIS, DEM STANDUP"ABOUT 40-PERCENT OFMIDDLE-CLASS AMERICANS -- WILLFALL INTO POVERTYOR NEAR-POVERTY -- BY THE TIMETHEY REACH 65.

THAT'S ACCORDINGTO THESCHWARTZ CENTER FOR ECONOMICPOLICY ANALYSIS.

IF YOU LOOK ATRETIREMENT -- LIKE A SUPER LONGVACATION -- COME UP WITH NUMBERSTHAT REFLECT THAT.ROBERT ROMAN WITH WORLDFINANCIAL GROUP IN TUCSON SAYS-- RETIREMENT -- IS AN AVERAGEOF 8- THOUSAND DAYS."ROBERT ROMAN, WORLD FINANCIALGROUP"I LOOK AT, WHAT DOES IT COSTYOU TO EAT FOR 8,000 DAYS?

JUSTFOODALONE, SO WE LOOK AT A GENERALRULE OF THUMB - PEOPLE SHOULDSTRIVE TOSAVE A MINIMUM OF 10% FORRETIREMENT."THERE ARE MORE EXPENSES NOWADAYS-- AND 10-PERCENT MAY BEDIFFICULT FOR SOME TO SAVE.BUT IT DOESN'T TAKE MUCH TOSTART.

COME UP WITH A NUMBER ANDPUT AWAY AS MUCH MONEY AS YOUCANAFFORD.ROBERT ROMAN, WORLD FINANCIALGROUP "THE THREE-LEGGED STOOL OFTHE TRADITIONAL RETIREMENTSYSTEM OF PENSIONS, SOCIALSECURITY AND PERSONAL SAVINGS- WE'RE WITNESSING MOST PEOPLEDOWN TO MAYBE TWO LEGS.

SOCIALSECURITY IS IN TROUBLE, PENSIONSDON'T EXIST FOR MOST PEOPLE."WHICH -- BASED ON THIS THEORY --LEAVES MOST PEOPLE RELYING ONTHEIR PERSONAL SAVINGS.WENDY REUTER WILL REACHRETIREMENT -- AGE IN ABOUT 7YEARS.

SHE SAYS -- EDUCATINGHERSELF AND TAKING COURSES INRETIREMENT SAVINGS -- STEEREDHER IN THE RIGHT DIRECTION.WENDY REUTER, TOOK RETIREMENTFINANCIAL COURSES "I AMFORTUNATE THAT I ALREADY HAVE AHEAD-START ON THAT." SHE ADVISES-- THE YOUNGER YOU STARTPLANNING YOUR RETIREMENT INCOME-- THE BETTER OFF YOU ARE.WENDY REUTER, TOOK RETIREMENTFINANCIAL COURSES "EVERYONENEEDS TO BE THINKING ABOUT THIS.MOST PEOPLE, BECAUSE THEY DON'TUNDERSTAND IT, THEY PUT ITASIDE.

THEY'RE CONFUSED, THEYDON'T EVEN BOTHER WITH IT.

THEN,ALL OF A SUDDEN, RETIREMENT AGEIN T




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