6 Steps to Reach Financial Freedom: Step 3

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Saving for Retirement

No matter your age, it’s never too early to start stashing away money towards your retirement. In fact, the earlier you start, the more comfortable your retirement lifestyle will be. Unfortunately, too many Americans procrastinate or let near-term expenses stand in their way.

According to a recent survey by the Consumer Federation of America, 50% of American households have less than $1,000 in net financial assets. Pretty alarming, but consider these statistics published by the U.S. Senate Subcommittee report on Aging in America:

Among Americans 65 years or older:

  • 22% must continue working.
  • 28% rely solely on Welfare and Social Freedom.
  • 45% are dependent on their relatives.
  • 4% can meet their own expenses.
  • 1% have resources that exceed their living expenses.

Women, moreover, are in a special category: they live longer than men and tend to work less and therefore need to save at least 12% of their income as soon as possible.

 

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