Today’s Objective…

Statistics can give us helpful insight into how you’re approaching your finances. Explore financial demographics, and see what they say about retirement.

(Click the featured times below to jump forward in the episode)

First Things First.

Tactical Points:

Financial Demographics: Aging Population. 

  • [13:25] – People over the age of 65 currently make up 13 percent of our country’s population. By 2030, they’ll make up about 20 percent of the population. This means our population is aging quickly, and that will place a strain on Social Security and Medicare in the future. This doesn’t mean those programs will disappear, but it does mean we can probably expect some changes to those systems going forward. While we’re not sure what those changes will be, we want the changes to minimally impact your retirement. The idea is for you to be totally independent of the government. That’s why we save, right? You accumulate assets, so that you can use them to your benefit in retirement. However, distribution is different than accumulation and requires a different type of retirement planning. It’s important to examine how Social Security, healthcare, taxes, and your assets will collectively affect your retirement.

Financial Demographics: Diversify Your Income. 

  • [17:00]  – Folks over the age of 65 generate income in a number of ways. Social Security accounts for 37 percent of their income. Income from a job represents about 30 percent. Pensions make up about 19 percent, and savings and investments account for 11 percent of their income. Don’t get lost in the data, and take note that about a third of the income shown here is coming from Social Security. That’s a heavy dependence on Uncle Sam. This also tells us folks are working longer and that pensions are beginning to go away. This means the burden of generating income in retirement has fallen upon yourself. Therefore, it’s crucial you work to generate different income streams.

The Plan:

Free Retirement Toolkit:

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Extra Planning:

The host: Dan Betzel – ContactRetirement Trailblazer GuideRetirement Rescue Toolkit – Call: 614-472-4510