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Realities and Quotes:

Here’s the new reality: There’s a 50% chance that, among married couples, at least one spouse will live to the age of 92 and a 25% chance that one will live to 97.

Fifty years ago, the average retirement was 12 years. Someone retiring today at age 65 is expected to live to 85 or longer . That’s 20-plus years of retirement. And that’s the average. Many will live longer and have 30 years of retirement!

Fifty years ago, the average retirement was 12 years. Someone retiring today at age 65 is expected to live to 85 or longer . That’s 20-plus years of retirement. And that’s the average. Many will live longer and have 30 years of retirement!

It is not realistic to finance a 30-year retirement  30 years of work. You can’t expect to put 10% of your income aside and then finance a retirement that’s just as long.

It is not realistic to finance a 30-year retirement with a home mortgage.

—JOHN SHOVEN, Stanford University professor of economics

The number one fear of baby boomers was outliving their savings.

A recent survey conducted by Mass Mutual asked baby boomers to name their number one fear. What do you think it was? Death? Terrorism? Pestilence? No, the number one fear of baby boomers was outliving their savings.

The baby boomers have a right to be scared, and so do millennials. According to an Ernst and Young study, 75% of Americans can expect to see their assets disappear before they die. And the Social Security safety net— if it survives into the next generation— won’t provide a reasonable standard of living on its own. The current average benefit is $ 1,294 per month. How far do you think that will stretch if you live in New York, Los Angeles, Chicago, or Miami? Or how long will the equivalent system work in your country if you live in London, Sydney, Rome, Tokyo, Hong Kong, or New Delhi? No matter where you live, if you don’t have another source of income, you could end up the best-dressed greeter at Wal-Mart.

According to EBRI, the Employee Benefit Research Institute, 48% of all working Americans haven’t even calculated how much money they’ll need to retire.

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