A couple of recent reports by Allianz point to the difficulty of retirement in today's poor economy. Most of those nearing retirement are not only unprepared, but often they have no realistic idea of how much money they need to put away to retire. Consequently, their children will likely not see an inheritance from their parents.
Not as many parents leaving cash
Allianz, a provider of life insurance, reported that most baby boomers -- those born approximately between 1946 and 1964 -- had better not hope for a fat inheritance as their retirement nears. Times being what they are, only 14 percent of boomers' parents feel they can afford to leave their kids an inheritance.
Hendrik Hartog, author of "Someday All This Will Be Yours," wrote:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Helping mothers and fathers out now
Elderly mothers and fathers are just attempting to make a living off of the few pennies they have left at this point. The children end up taking care of their mothers and fathers in most cases.
Kay Kramer works at KLB Financial. Kramer said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Increasing med expenses
Right now, the average American's net worth is about $77,000, which was the same as it was 20 years ago. The value of homes and other assets are dropping too with the economic depression, according to the Star Tribune. Retirement is becoming much more costly with increasing costs of medical care.
Too much retirement cost
Those from 55 to 65 did not even know how much cash they should be saving for retirement, according to an Allianz study.
President and CEO of Allianz Life, Walter White, explained:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
Most have also not adequately factored inflation and taxes into their estimated retirement needs, claims Allianz. According to its report, only 10 percent of those surveyed identified inflation as a concern in preparing for retirement. Likewise, only 16 percent mentioned taxes in estimating future needs.
Begin early
If you want a fantastic retirement account by the time you get there, you need to start early, according to Allianz. About 16 percent said they would not start working on retirement until they were a year or less from retirement. Another 43 percent said they would not start saving for retirement until they were five years away. Those are bad numbers, and also you should get a head start.
Not as many parents leaving cash
Allianz, a provider of life insurance, reported that most baby boomers -- those born approximately between 1946 and 1964 -- had better not hope for a fat inheritance as their retirement nears. Times being what they are, only 14 percent of boomers' parents feel they can afford to leave their kids an inheritance.
Hendrik Hartog, author of "Someday All This Will Be Yours," wrote:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Helping mothers and fathers out now
Elderly mothers and fathers are just attempting to make a living off of the few pennies they have left at this point. The children end up taking care of their mothers and fathers in most cases.
Kay Kramer works at KLB Financial. Kramer said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Increasing med expenses
Right now, the average American's net worth is about $77,000, which was the same as it was 20 years ago. The value of homes and other assets are dropping too with the economic depression, according to the Star Tribune. Retirement is becoming much more costly with increasing costs of medical care.
Too much retirement cost
Those from 55 to 65 did not even know how much cash they should be saving for retirement, according to an Allianz study.
President and CEO of Allianz Life, Walter White, explained:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
Most have also not adequately factored inflation and taxes into their estimated retirement needs, claims Allianz. According to its report, only 10 percent of those surveyed identified inflation as a concern in preparing for retirement. Likewise, only 16 percent mentioned taxes in estimating future needs.
Begin early
If you want a fantastic retirement account by the time you get there, you need to start early, according to Allianz. About 16 percent said they would not start working on retirement until they were a year or less from retirement. Another 43 percent said they would not start saving for retirement until they were five years away. Those are bad numbers, and also you should get a head start.
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