Is Your Retirement Savings Enough?

Written by CFB Blogger. Posted in Blog

Did you know that the benchmark for retirement income is that Americans should have 70% of their pre-retirement level to maintain that pre-retirement living standard? Of the 50 states, only Nevada and Washington, DC, met this standard. Across the United States, the median retirement income for people 65 and better equals 60% of that for those 45 to 64 years-of-age. The two lowest-ranking states are Massachusetts and North Dakota. According to www.interest.com, seniors 65 and older in those states cannot replace even half of their younger counterparts’ incomes. Conversely, people actually slightly exceeded that 70% benchmark in the nation’s capital at 74% and in The Gem State with 71% retirement saving. The financial website opines that DC most likely sees these high retirement numbers since that city has many retired federal government workers with ample pension funds. According to an article in the Chicago Tribune by Becky Yerak, the other states that come very close to the benchmark are Arizona, Hawaii and Mississippi. The Land of Lincoln had the country’s 11th-largest gap. The article avers that “A typical Illinois senior citizen’s annual income equals 55 percent of younger residents’ pay, falling short of the 70 percent benchmark generally needed to maintain one’s [normal] lifestyle in retirement”. If you find yourself facing retirement with too much debt and not enough savings, you may be considering filing for Chapter 7 or Chapter 13 bankruptcy. This could be the perfect time for you to get a clear picture of your retirement years. Filing personal bankruptcy with the knowledgeable attorneys from Client First Bankruptcy could show you the way to eliminate your debt and allow for greater retirement savings. You’ve worked hard, you deserve to live your Golden Years the way you want. Call us toll-free at 800-383-6004 Monday thru Friday 8:30 a.m. – 6:00 p.m. Central Time. And please log onto www.clientfirstbankruptcy.com for important bankruptcy info anytime.