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Broken Eggs Awakens America to the Looming Retirement Crisis What was once a life ending in happily ever after is now a life ending in working ever after. If retirement feels more like a fairy tale, it is in the feature-length documentary Broken Eggs. The film takes a rare look at one of the gravest social issues facing an aging America – the grim irony that even as we live longer, a growing number of Americans are falling short of a secure and comfortable retirement. And the prognosis is even worse for future generations. “Broken Eggs blends comical animations with unforgettable portraits of everyday Americans reckoning with their inability to retire.” Social Security is 20 years short of insolvency; pensions are largely underfunded and in sharp decline; and personal savings are at historic lows. Unlike any documentary of its kind, Broken Eggs blends comical animations with unforgettable portraits of everyday Americans reckoning with their inability to retire. Audiences of every generation will leave rattled and ready to put their Nest Egg back together again. The hard-hitting documentary also features wide-ranging, high-profile interviews with economists, policy makers and financial experts, all who confront the undeniable, but often ignored facts that have put the American dream of retirement in jeopardy. Social Security is projected to be insolvent in 2033. In 1950, there were 16.5 workers for every Social Security beneficiary. Today, there are less than 3 workers paying in for each recipient. Company-sponsored pensions have been in rapid decline since the 1980s. Today, less than one out of every five private sector employees has a pension. As a group, American workers are estimated to be $6.6 TRILLION short of what they need to retire comfortably. 10,000 Baby boomers are reaching “retirement age” every day. 40 percent of Baby boomers expect to work “until they drop”. Almost half of American workers have less than $10,000 in savings. Americans who make it to age 65 today can expect to live roughly 18 years more. That’s six years longer than Americans who made it to age 65 in 1940. What the experts say… Economist Teresa Ghilarducci with The New School of Social Research has studied the savings and assets of future retirees. Her startling findings show that working Americans are actually “going backwards” – the first time since Social Security was passed in the throes of the Great Depression. “Most Americans who were middle class when they were working all their life are going to be poor or near-poor retirees,” says Ghilarducci. “We’re going to have massive downward mobility. That you’re middle class all your life, and you now find yourself to be really in a chronic state of want and distress about finances. And it gets worse as you get older.” And Social Security – what was meant to be a backstop to prevent people from falling into poverty in old age – is on the brink of insolvency by 2033, according to the program’s own administrators. Social Security is not only bankrupt, it’s bankrupting future generations, says Laurence Kotlikoff, author of The Clash of Generations and a professor of economics at Boston University. “We’re not measuring what we’re doing to our kids. We’re not talking about who’s going to pay for a different generation’s benefits,” Kotlikoff says. “Most Americans who were middle class when they were working all their life are going to be poor or near-poor retirees,” says Ghilarducci Turning America’s retirement prospects around is the chief responsibility of Mark Iwry, a senior adviser to the U.S. Treasury Secretary on retirement policy, and the country’s likely architect for retirement savings of the future. Iwry is determined to change America’s saving habits through automatic enrollments in individual retirement accounts or “auto-IRAs” for those who currently don’t have access to employer-sponsored plans. “We can make it easier still for people to save,” Iwry says, “and thereby get many more of our fellow citizens on a path to having adequate retirement security. Right now we’re not on that path. Too many people are just not saving enough.”
What is a retirement at 62 – How to retire at age 62? http://www.RetireSharp.com 1-800-566-1002. What are the best type of retirement options at 62 and learn how you can avoid the most common mistakes that individuals have made when looking to retire at age 62. If you're considering retirement within the next five years or so, you're in the retirement "zone." This is a critical time period during which you'll be faced with a number of important choices, and the decisions you make can have long-lasting consequences. It's a period of transition: a shift from a mindset that's focused on accumulating assets for retirement to one that's focused on distributing wealth and drawing down resources. It can be confusing and chaotic, but it doesn't have to be. The key is to understand the underlying issues, and to recognize the long-term effects of the decisions you make today. Tip: If you've recently retired, you're also in the retirement zone. You'll want to evaluate your financial situation in light of the decisions that you've already made, and consider adjusting your overall plan to reflect your current expectations and circumstances. Are you ready to retire at 62? The first question that you should ask yourself is: "Am I ready to retire?" For many, the question isn't as easy to answer as it might seem. That's because it needs to be considered on two levels. The first, and probably the most obvious, is the financial side. Can you afford to retire? More specifically, can you afford the retirement you want? On another level, though, the question relates to the emotional issues surrounding retirement--how prepared are you for this new phase of your life? Consider both the financial and emotional aspects of retirement carefully; retiring before you're ready can put a strain on the best-devised retirement plan. Transitioning into retirement: Financial issues Start with the basics: If you do not already have a projection of the annual income you'll need in retirement, spend the time now to develop one. Factor in anticipated costs relating to basic needs, housing, health care, and long-term care. If you plan to travel in retirement, estimate a corresponding annual dollar amount. If you're financially responsible for other family members, or plan to make monetary gifts, you'll want to include these commitments in your calculations. Be as specific as you can. If it's been more than a year since you've done this exercise, revisit your numbers. Consider and account for inflation. Estimate the income that you'll be able to rely on from Social Security and any benefits from a traditional employer pension, and compare the result with your projected retirement income need. The difference may need to be funded through your personal savings. Take stock of your personal savings. Are your personal savings sufficient to provide you with the annual income that you'll need? When will you retire? The age at which you retire can have an enormous impact on your overall retirement income situation, so you'll want to make sure you've considered your decision from every angle. Why does the timing of your retirement make such a difference? The earlier you retire, the sooner you need to start drawing on your retirement savings. You're also giving up what could be prime earning years, when you could be making substantial additions to your retirement savings. That combination, even for just a few years, can make a tremendous difference. Other factors to consider: The longer the retirement period that you need to plan for, the greater the potential that inflation will eat away at your purchasing power. That means the earlier you retire, the more important it is to account for inflation in your overall plan. You can begin receiving Social Security retirement benefits as early as age 62. However, your benefit may be as much as 20 to 30 percent less than if you waited until full retirement age (65 to 67, depending on the year you were born). Weigh your options, and choose the start date that makes the most sense for your individual financial circumstances. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: retirement at 62 vs 66 Retirement at age 62.5 Retirement at 62 social security Best retirement at 62 plans Retirement at 62 and still working What are the best possible retirement plans that will allow me to retire at age 62 comfortably and still make sure my retirement accounts are growing https://www.youtube.com/watch?v=Y_bfCDMmFio
****Download your Free copy the 7 Core Elements of Retirement Planning Guide Here; http://moneyevolution.com/7-core-elements-retirement-planning-guide/ Are you planning to retire in the next 5 years and want to feel more confident that you will be able to live the retirement lifestyle that you want? Your retirement lifestyle will be based on how well you optimize what I call the 7 Core Elements of Retirement Planning. On my new free video I will breakdown each of the 7 core elements and show you... ****How saving money for retirement in the wrong account could cost you unnecessary taxes. ****The key factors you need to consider when deciding when to begin collecting Social Security, and how to coordinate your benefits with your spouse. ****Why healthcare costs may be one of the most overlooked or underestimated retirement expense, and, how to plan for healthcare expenses before and after Medicare. ****Easy to follow worksheets to help you estimate how much your retirement could actually cost, and, how to determine how close you may be to reaching your dream retirement. Plus, as a bonus you can also download my latest guide with worksheets and more detailed discussion on each of the 7 core elements.
This episode is dedicated to a very important topic: Retirement. Maike Currie reveals why compound interest can be the most powerful force when building a pension pot, while Ed Monk explains how a workplace pension works. Tom Stevenson looks at why equity income is a great building block for those planning to draw an income from their pension. Finally, as part of our Mind the Gap series we look at women and their pension pots, explaining how to plug any gaps in your pension savings. http://ow.ly/vrfh30hyLmU
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