Over the last year there have been some polls conducted that have asked questions of baby boomers regarding their retirement preparedness. In one of them that was conducted by the Associated Press along with a popular website approximately one-fourth of respondents said that they had no retirement savings at all to fall back on.
The mean savings of the poll respondents was $40,000, and this is not going to get you very far considering you may be trying to get by for some two decades or more without working after you retire.
Social Security is certainly going to help, but there are limitations to what Social Security can provide for you. In 2012 the first $110,100 that you earn is taxable for Social Security purposes. If you paid into the program at maximum levels every year of your working career you would get the maximum benefit.
Right now that number lies at $38,880 annually which is not a lot of money for someone who is used to bringing in well over six figures. The average benefit is around $1080 a month and this is certainly not going to be enough for most people to live on. This may be true even for a married couple that was receiving double the average.
The only way to retire comfortably is to take responsibility for your own future early on and stick to an intelligently conceived long-term financial plan. If you are ready to get started, the intelligent first step is to sit down and share your retirement vision with a Hartford retirement planning lawyer. He or she will gain an understanding of your objectives and guide you in the right direction.