Planning for your retirement is one of the most important things you must take care of in your life. Yet only about 50% of Americans have a retirement plan, according to Investopedia . Experts in financial planning advice suggest that you will need to replace 80% of your current income by the time you get to retirement. What’s troubling is that many people are not even close to that target. In fact, with a large pool of people depending on social security, which averaged $1,404 (total $16,848 annually) at the start of 2018, it’s clear that retirement planning is woefully inadequate. The picture gets a bit more worrisome when you take into consideration the reality that no one knows how long the retirement phase of their life will last. These days, on average, people are living much longer. Although the average life expectancy is up near 79, the data shows that more and more people are living and past 85 years old. Indeed, the number ...
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