Your Retirement Budget: Investments, Income, Legacy

++Inflation-adjusted wages are down 7%

++Millions had company pensions fail 

++Fewer pre-retirees are able to afford to retire 

     57% of U.S. workers have less than $25,000 in total household savings and investments, excluding their homes. 28% said they have no confidence that they will have enough money to retire in comfort, the highest level in the 23-year history of the EBRI study. Only 66% report having any retirement savings, compared to 75% of workers in 2009. 

       The share of total income going to the top 1 percent of earners rose to 23.5%, up from 8.9 % in 1976! During the same period, the average inflation-adjusted hourly wage declined by more than 7 percent. More than 1.47 million people receive their reduced pension checks from the US agency PBGC. Their company pensions failed. 44 million Americans have pension plans that may be at risk. pbgc.gov/ 

       Social Security benefits may last to 2033. "In 2033, incoming revenue and trust fund resources will be insufficient to maintain payment of full benefits," Treasury Secretary Tim Geithner, said. "At that point there will only be enough money to cover about three-fourths of full benefits." Medical expenses in retirement may top $250,000 according to Fidelity. LTCi policies cost over $3,000 a year if you need one but they don't cover the full cost of care, averaging $87,235. 

      Unless we test our retirement budget, we may not have a very comfortable retirement when we need it. Today you can make sure you are protected by creating a retirement budget. I will guide you through the process.