Saving for Retirement Isn’t a Game

barbieHow Much Do You Need to Retire?

What a doll! Hey, everybody, it’s Barbie! This blonde bombshell has been gracing toy shelves for decades and now she’s thinking about retiring. Well, she’s been employed by Mattel, Inc for over 50 years. Don’t you think it’s time for her to step off the runway and spend the rest of her days frolicking on the beach in Malibu? Perhaps, but she may not actually be financially ready. Sure, she may have become a fashion icon and gotten some decent paychecks for modeling over the years, but toy manufacturers don’t exactly pay top dollar to girls who have had so much plastic work. Sorry Barb, those nips and tucks were only going to take you but so far.

Okay, so her career may not exactly be over, but this is a great age for her to retire. Most Americans would like to retire between the ages of 60-65. Now, we don’t want to put Barbie’s real age on blast, but she’s been selling her image since the 1950s. You do the math. The question is: has she saved enough toward her retirement and healthcare costs? Hmph, she bought a dream house, a pink convertible, bikes, mopeds, SUVs, vans, campers and has closets full of dresses, bags and shoes. The truth is, if she retires right now, she probably doesn’t have enough cash to live off of. And Mattel hasn’t offered a pension plan. If she waits too long, social security may not be available in the future.

At Achieve Financial Group Toys R Not Us, but we can offer some insight on why many people may not be able to retire by age 65 and what they can do now to make sure they can.

Almost half of Americans have saved nothing toward retirement.
Many workers over 50 haven’t saved enough for health care costs.
Many Americans do not have any plans to save in the future.
Many insurance companies don’t offer insurance coverage.
Student loan debt is too large to start saving for retirement.

So what can you do now to make sure you have enough to retire on?
• Start saving 10%-15% of your annual income, so you’ll have enough to replace 70% – 85% of it, when you retire.
• Make sure you subtract Social Security or any pension payments you may be receiving.

So before you text Ken to join you for a night out to celebrate, check your savings account and be certain that when you retire, you’ll have enough to cover most of your income.

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