You are often going to hear retirement planning attorneys recommend that you get started planning for retirement early. Unfortunately, for many individuals this advice sometimes goes in one ear and out the other, largely because retirement seems like something that is so far into the future you really don’t need to worry about it in the present. But as we all know, time flies and before you know it thoughts of retirement may start to enter your mind. And when you look around, you may find that you are completely unprepared.
This is a situation that an alarming percentage of baby boomers are facing right around now. Many people are not aware of just how rapidly the population is aging. No fewer than 10,000 people are applying for Social Security for the first time every day, and this is expected to go on for the next two decades. Many of these people are not ready as evidenced by the results of recent polls.
Believe it or not, according to a Harris poll approximately one in four baby boomers have no retirement savings at all. 22% of Americans who have reached the age of 65 have not saved anything for retirement. 32% of the people between the ages of 34 and 45 have not begun to save for their retirement years. An AP-LifeGoesStrong.com poll indicates that 44% of baby boomers say that they do not feel confident that they will have the financial resources necessary to make it through their retirement years.
These are some eye-opening numbers, and the fact that the Social Security and Medicare systems are under strain adds to the challenges that go along with a lack of preparation. If you have not started planning for your golden years, you would do well to make arrangements to meet with a retirement planning attorney as soon as possible so that you can set of course that leads you to a comfortable retirement.