Sunday, January 13, 2008

Ready to Retire?

Probably not! Very few of us are ready to retire.

Many of the people in the Boomer and Silent/Pioneer Demographic Groups are definitely not ready to retire. One of the many crises of our nation's so called Social Security plan is the fact that it seems to lull most people into thinking that they do nto have to have a personal savings plan to provide the greater part of their retirement.

Look at these data:

The Ohio Department of Development projects an 8.5 pe rcent growth in population between 2000 and 2030. Consider this: Between 2012 and
2030, more than 3 million Ohioans will reach retirement age!
And what about these soon-to-retire workers? Social Security reports that 52 percent of Americans has no private pension coverage and 31 percent of the workforce has no savings set aside specifically for retirement.

Additionally, the life expectancy for a 65-year-old has grown from 12 1/2 years in 1935 to 17 years today. So as this generation moves into its retirement years, it will stay around longer than past generations.
U.S. Controller General David Walker was quoted as saying,“The most serious threat to the United States is not hiding in a cave in Afghanistan or Pakistan but (is) our own fiscal responsibility.”

Treasury Secretary Henry Paulson told lawmakers earlier this year, The rising costs of Social Security, Medicare and Medicaid, “will drive government spending to unprecedented levels, consume nearly all projected federal revenues and threaten America’s future prosperity!

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