Good News or Bad?
We’re living longer. In fact, compared to just 100 years ago, the numbers are pretty astounding!
According to the Division of Vital Statistics, out of every 100,000 Americans surviving birth 100 years ago, 31 people made it to age 100. Guess what that number is today?
Do you think its doubled to 62?
How about a ten fold increase to 310?
Not even close!
Today, it is expected that 2,095 people will make it to 100! We’ve gone from just 31 to 2,095 centenarians.
And out of every 100,000 people surviving birth 100 years ago, 13,529 made it to age 80.
Want to guess what that number is now?
Try 52,178!
Over half of all Americans are now living into their 80’s! If you’re a white female, it’s over 60%!
(For all the details see http://www.cdc.gov/nchs/data/nvsr/nvsr53/nvsr53_06.pdf and go to page 25).
The trend will continue to move in this direction as lifestyle, medicine and technology extend our lives.
In fact, over the next 20 years, it’s predicted that the largest segment of growth will be those who live into their 90’s and into their 100’s. On top of that, these will be active seniors.
You’d think that this would be great news. I know for me it is.
What could possibly be the downside to news like this?
Well….think about this.
It used to be that someone retired at age 65, lived for another 10 years or so, and then passed away. Between their savings, their pension plan, and social security, most people managed to finance their 10 years of retirement.
Now we are faced with the prospects of living an additional 20 to 30 years or more after retirement.
BUT, for the average American today who reaches age 65, they’ll have approximately $60,000 in lifetime savings, little or no pension plan income to count on, and a social security system that will become insolvent in our lifetime.
Somehow, we will have to finance 20 to 30 years of retirement life on these meager assets.
Adding to our problem is the fact that Medicare is expected to become insolvent before the end of the next decade. Even today, many seniors cannot afford their medication, and have to limit their intake or go without.
Health care costs are skyrocketing. As we grow older, we have a greater need for health care. Unfortunately, for many, they just can’t afford it.
It’s estimated that approximately 50% of all people age 50 or older will need some level of assisted living in their lifetime. How are we going to pay for it?
Now let’s throw in the cost of inflation. Over the next 20 to 30 years, prices will probably double. But for the average retired individual, their income will not. For the vast majority of Americans, their income will drop dramatically once they retire.
OK, so we know all of this. It’s common knowledge. What are we doing to prepare ourselves for it?
Sadly, very little.
Things are going from bad to worse.
We have a negative savings rate in this country. Not only are Americans failing to save for their retirement, they are actually going FURTHER INTO DEBT every month!
Many expect the government will bail them out. Others will turn to family members. The rest will struggle against a tide of expenses that will eventually overtake them.
This isn’t fiction. This is FACT!
The chances are that you and virtually everyone you know aren’t prepared for a retirement of enjoyment and pleasure, but by default, a retirement of struggle and pain. And even if you do put money into your 401K or IRA, will it be enough to afford you the lifestyle you want when you retire? Will you have enough money to last you for the rest of your life or will you run out of money before you run out of life?
It isn’t up to the government to provide for your retirement. It isn’t up to your employer either. Guess who it’s up to?
You got it! The only one who is responsible for your retirement is YOU. And if you haven’t already recognized this fact, it’s time to wake up and smell the coffee.
Far too many of us have buried our heads in the sand. We live in a world of denial. Or we believe that somehow, miraculously, the money will appear out of thin air. We’ll win the lottery, or some lost relative will leave us a large inheritance. Or, someday, we’ll get around to saving for our retirement years and in just a few short years, we’ll be ready for the retirement we want. Don’t bet your future on it!
The good news is, it’s not too late to get started.
In fact, the earlier you begin to plan for your financial future, the better off you’ll be.
I have spent the last 25 years creating financial freedom for Sue and myself. I’ve studied many options on the best path to take.
It was only in the last year that I discovered the absolute best method I’ve ever seen to help create financial freedom with out having to change your life at all. I only wish I had learned about it many years ago.
It’s called Bank on Yourself.
Once I became aware of it, and began to study it in depth, I knew I had to do it. What hit me like a ton of bricks was when I realized that EVERYONE could benefit from this program. As a result, I chose to become certified as a Bank on Yourself consultant, and help anyone who is sincere about creating financial freedom and a retirement plan that will last a lifetime.
If you have ever wondered if there’s a better way to reach your financial goals, but don’t know what to do, is it worth 15 minutes of your time to look at an option that can change your life forever?
In my coaching practice, I remind my clients that successful people are open-minded. They are always open to new ideas that can make a positive difference in their lives. And when they discover a great, new idea, they gather the information they need and then TAKE ACTION. It’s true for the top 5%, those who are living the life of their dreams and reaching their full potential.
If you haven’t yet downloaded the free report on Bank on Yourself, make sure you go to http://www.findoutmorenow.com/ and enter the pass code JF55. But only if you are serious about your financial success and joining the top 5%! (At this time I am only licensed to serve clients in Arizona and California. If you’re from another state, drop me a note and I’ll help you get hooked up to a consultant in your area).Namaste.Jeff
According to the Division of Vital Statistics, out of every 100,000 Americans surviving birth 100 years ago, 31 people made it to age 100. Guess what that number is today?
Do you think its doubled to 62?
How about a ten fold increase to 310?
Not even close!
Today, it is expected that 2,095 people will make it to 100! We’ve gone from just 31 to 2,095 centenarians.
And out of every 100,000 people surviving birth 100 years ago, 13,529 made it to age 80.
Want to guess what that number is now?
Try 52,178!
Over half of all Americans are now living into their 80’s! If you’re a white female, it’s over 60%!
(For all the details see http://www.cdc.gov/nchs/data/nvsr/nvsr53/nvsr53_06.pdf and go to page 25).
The trend will continue to move in this direction as lifestyle, medicine and technology extend our lives.
In fact, over the next 20 years, it’s predicted that the largest segment of growth will be those who live into their 90’s and into their 100’s. On top of that, these will be active seniors.
You’d think that this would be great news. I know for me it is.
What could possibly be the downside to news like this?
Well….think about this.
It used to be that someone retired at age 65, lived for another 10 years or so, and then passed away. Between their savings, their pension plan, and social security, most people managed to finance their 10 years of retirement.
Now we are faced with the prospects of living an additional 20 to 30 years or more after retirement.
BUT, for the average American today who reaches age 65, they’ll have approximately $60,000 in lifetime savings, little or no pension plan income to count on, and a social security system that will become insolvent in our lifetime.
Somehow, we will have to finance 20 to 30 years of retirement life on these meager assets.
Adding to our problem is the fact that Medicare is expected to become insolvent before the end of the next decade. Even today, many seniors cannot afford their medication, and have to limit their intake or go without.
Health care costs are skyrocketing. As we grow older, we have a greater need for health care. Unfortunately, for many, they just can’t afford it.
It’s estimated that approximately 50% of all people age 50 or older will need some level of assisted living in their lifetime. How are we going to pay for it?
Now let’s throw in the cost of inflation. Over the next 20 to 30 years, prices will probably double. But for the average retired individual, their income will not. For the vast majority of Americans, their income will drop dramatically once they retire.
OK, so we know all of this. It’s common knowledge. What are we doing to prepare ourselves for it?
Sadly, very little.
Things are going from bad to worse.
We have a negative savings rate in this country. Not only are Americans failing to save for their retirement, they are actually going FURTHER INTO DEBT every month!
Many expect the government will bail them out. Others will turn to family members. The rest will struggle against a tide of expenses that will eventually overtake them.
This isn’t fiction. This is FACT!
The chances are that you and virtually everyone you know aren’t prepared for a retirement of enjoyment and pleasure, but by default, a retirement of struggle and pain. And even if you do put money into your 401K or IRA, will it be enough to afford you the lifestyle you want when you retire? Will you have enough money to last you for the rest of your life or will you run out of money before you run out of life?
It isn’t up to the government to provide for your retirement. It isn’t up to your employer either. Guess who it’s up to?
You got it! The only one who is responsible for your retirement is YOU. And if you haven’t already recognized this fact, it’s time to wake up and smell the coffee.
Far too many of us have buried our heads in the sand. We live in a world of denial. Or we believe that somehow, miraculously, the money will appear out of thin air. We’ll win the lottery, or some lost relative will leave us a large inheritance. Or, someday, we’ll get around to saving for our retirement years and in just a few short years, we’ll be ready for the retirement we want. Don’t bet your future on it!
The good news is, it’s not too late to get started.
In fact, the earlier you begin to plan for your financial future, the better off you’ll be.
I have spent the last 25 years creating financial freedom for Sue and myself. I’ve studied many options on the best path to take.
It was only in the last year that I discovered the absolute best method I’ve ever seen to help create financial freedom with out having to change your life at all. I only wish I had learned about it many years ago.
It’s called Bank on Yourself.
Once I became aware of it, and began to study it in depth, I knew I had to do it. What hit me like a ton of bricks was when I realized that EVERYONE could benefit from this program. As a result, I chose to become certified as a Bank on Yourself consultant, and help anyone who is sincere about creating financial freedom and a retirement plan that will last a lifetime.
If you have ever wondered if there’s a better way to reach your financial goals, but don’t know what to do, is it worth 15 minutes of your time to look at an option that can change your life forever?
In my coaching practice, I remind my clients that successful people are open-minded. They are always open to new ideas that can make a positive difference in their lives. And when they discover a great, new idea, they gather the information they need and then TAKE ACTION. It’s true for the top 5%, those who are living the life of their dreams and reaching their full potential.
If you haven’t yet downloaded the free report on Bank on Yourself, make sure you go to http://www.findoutmorenow.com/ and enter the pass code JF55. But only if you are serious about your financial success and joining the top 5%! (At this time I am only licensed to serve clients in Arizona and California. If you’re from another state, drop me a note and I’ll help you get hooked up to a consultant in your area).Namaste.Jeff
posted by Jeff Fagin at 12:16 AM
3 Comments:
Jeff,
This topic alone is what finally motivated me to get up and take control of my financial life.
I have watched over and over again, people retiring after 20 years (government job) and sometimes more than that, only to end up needing another job.
It motivated me to the point that I want to be out of my secure job and doing something else before I even reach 20 years.
I REFUSE TO BE ANOTHER ONE OF THOSE STATISTICS
Jeff
Live long and prosper.
Larry E.
I like the concept and the focus you put on yourself. Bank on yourself is not a diffucult program. It is a diciplined approach.
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