Are you worried about having enough money for retirement? You’re not alone. Many Americans are finding that traditional retirement strategies aren’t delivering the secure future they were promised. Let’s look at some startling numbers that reveal why it’s time to rethink how we plan for retirement.

The Average 401(k) Balance Might Not Be Enough

According to Vanguard’s 2023 report, the average 401(k) balance is $141,542. Sounds like a lot, right? But when you break it down, that’s only about $5,660 per year for a 25-year retirement. Try living on that in today’s economy!

Most Americans Are Underprepared for Retirement

A 2023 Anytime Estimate survey found that 63% of Americans believe they’re behind on their retirement savings. That’s nearly two-thirds of us who might not have enough to retire comfortably.

Market Volatility Can Wreak Havoc on Retirement Accounts

During the 2008 financial crisis, the average 401(k) plan lost 37% of its value. Imagine watching over a third of your retirement savings disappear right before you plan to stop working. It’s a scary thought, isn’t it?

Healthcare Costs in Retirement Are Skyrocketing

Fidelity estimates that an average retired couple age 65 in 2023 may need about $315,000 saved (after tax) to cover healthcare expenses in retirement. That’s a huge chunk of change that many traditional retirement plans don’t account for.

Social Security Might Not Be Enough

The average Social Security benefit in 2023 is only $1,827 per month. Can you live on that? For most of us, the answer is a resounding “no.”

Many Americans Plan to Work Past 65

A 2023 Gallup poll found that 41% of non-retired Americans expect to work beyond age 65. Is working into your golden years really how you want to spend your retirement?

Inflation Can Eat Away at Your Savings

The U.S. inflation rate hit 9.1% in June 2022, the highest since 1981. Even with lower rates now, the impact on retirement savings is significant. A dollar today won’t buy nearly as much in 20 or 30 years.

Pension Plans Are Disappearing

Only 15% of private-sector workers had access to a pension plan in 2022, according to the Bureau of Labor Statistics. Gone are the days when you could count on a steady pension check in retirement.

Many Americans Tap Into Retirement Savings Early

A 2023 Bankrate survey found that 35% of Americans have withdrawn money early from a retirement account. This can lead to penalties and reduced savings, jeopardizing long-term financial security.

The Gap Between Savings and Retirement Needs Is Widening

The National Institute on Retirement Security reports that the median retirement account balance for all working-age individuals is just $2,500. That’s nowhere near what most people will need for a comfortable retirement.

Traditional Retirement Planning Isn’t Cutting It

These statistics paint a clear picture: traditional retirement planning isn’t cutting it for most Americans. The old advice of “max out your 401(k) and hope for the best” just isn’t enough in today’s world.

What’s the Solution?

So, what can you do? It’s time to look beyond conventional wisdom and explore strategies that offer more stability and predictable income. You need an approach that helps you avoid stock market volatility, provides tax-efficient retirement planning, and ensures a secure retirement income.

The SureWealth Way

That’s where the SureWealth Way comes in. We offer an alternative approach to retirement planning that focuses on guaranteed growth and stable income. Our strategies are designed to give you peace of mind, knowing that your retirement isn’t at the mercy of unpredictable market swings.

Ready to Secure Your Financial Future?

Ready to learn more about how you can secure your financial future? Stay tuned for our upcoming articles, where we’ll dive deeper into retirement strategies that work in today’s economy. And if you can’t wait, reach out to us for a personalized consultation. Let’s make sure your golden years are truly golden.