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Finances and Work
Saving for retirement can be scary. The stock market rises, then falls, along with your retirement funds. And how much money do you need? How long will you live?
These questions aren’t easy, but if you’re saving for retirement – saving anything, really – you’re in far better shape than many other people.
As reported recently in the Globe and Mail newspaper, nearly one in three Canadian youth between the ages of 18 and 34 haven’t saved anything for retirement.
It’s not hard to find doom-and-gloom articles when it comes to retirement. Will you have any money? Will you retire penniless? Who will help support you? But one recent article in US News and World Report is suggesting that your retirement will probably be just fine.
According to the news source, there are eight positive trends in retirement:
Home ownership is one of the central features of the American Dream, but countless American seniors may be at risk of losing their houses over just a few hundred dollars in unpaid taxes, reports the New York Daily News.
According to a report from the National Consumer Law Center (NCLC), little-known state laws allow municipal governments to repossess from seniors and other vulnerable individuals and sell them to banks and investors, who then in turn sell those properties at huge properties.
The recent recession which began in 2008 took a toll on millions of Americans. Many people lost their jobs, their houses, and faced higher bills while taking home smaller paychecks. It’s scary to work every day and still worry that if anything unexpected happens, the financial future of you and your family may be in jeopardy.
Thankfully, there are solutions.
How much money have you saved for retirement- and how much do you think you need? The numbers can be dizzying, but a new article from MarketWatch.com shares 6 tips retirees need to keep in mind which will help them better prepare for retirement.
1/ There is no magic number: It’s not a million dollars anymore; there’s no amount of money for retirement savings which is right for everyone. It depends what your income in retirement is.