Four out of five Americans are still not adequately prepared to meet their needs in retirement, according to new analysis from HR consulting firm Aon Hewitt.
According to Aon Hewitt’s projections based on 2.1 million U.S. employees, the average worker will need 11 times their final pay in retirement (after accounting for social security) in order to meet their retirement needs.
However, as of the beginning of 2011, the average full-career employee, who is actively contributing to their defined contribution (DC) plan, is projected to have a shortfall of 2.2 times pay at retirement age. Fully half of full-career workers are expected to have a gap of greater than two times pay at retirement.
Four-in-five not ready for retirement BenefitsPro
Amir Morani's comments:
Well, if the retirement is planned properly and appropriate provisions of the tax code are used there is a strong possibility for individuals to have a safe retirement with a properly funded and conservatively invested retirement fund.
We have many clients who have taken care of their retirement in this way - they have saved and have secured their retirement with no worries about the market volatilities.
It is possible to have a well-funded retirement.
If you own a business and would like to put together a retirement plan that can be funded quickly and safely, please let us know and may be we can help you do it.
If you have questions on taxes visit www.OnlineTaxConsultant.com
If you like us to help with your taxes, retirement planning and business succession planning visit www.AMoraniCPA.com
