Pension Plans, Retirement Plans, Financial Security in Oakland County

Pension Plans, Retirement Plans, Financial Goals in Oakland County

Before you retire, you will have spent roughly 40 – 50 years working hard at your job, raising a family, buying a home and hopefully, saving for a comfortable retirement. Unfortunately, people who are reaching retirement age today are struggling to make ends meet. It also looks like this will be the case with young people who are not saving enough.

It’s hard to say just how much you will need in order to retire comfortably; however, we do know it’s quite a lot. Many of today’s young people, in their 20’s or 30’s may find themselves still working past the age of 70 if they don’t make wise choices now.

Even those who have pension plans and expect to receive a monthly check over and above Social Security benefits need to save. Those who do not have pension plans need to save even more! Of course, those with pension plans most likely earn a higher wage; therefore, they are able to save more money.

Home Equity Savings for Oakland County Employees

Many American are focused on building equity in their homes as this is the closest thing to a savings account that they can have while struggling to make mortgage payments and raise a family. This is a good reason to own rather than to rent.

In today’s economy, as we experience declining home values, we are discovering that relying on the investment in our home is not enough. It is a good start if you are young enough and can wait until the economy turns around as it is predicted that it will get better. As long as you are not forced to sell in a down market, you home equity can be helpful in saving for retirement.

Race to the Finish to Retire in Oakland County

Surveys have shown that most people will not have saved enough to retire; many will have to work past the age of 70 in order to survive. As dire as this may seem, it is not too late to take action and improve your situation. It is possible to build an investment portfolio, even if you are pressed for time.

Consider this; if you set aside just $100 per month and earn 10%, your savings will grow to over $76,000 in the next 20 years. What if you’re able to save more? Do the math. How many years are you from retirement and how much will you need to be comfortable?

Michael McGee provides help with retirement planning, health savings plans, self-directed IRA, financial planning, traditional IRA, Roth IRA, SEP IRA, 401-K plans, college funding, 529 college savings plan, tax shelter, investment savings, family savings and financial security for consumers and business owners in Oakland County, Pontiac, Waterford, West Bloomfield, Farmington Hills, Southfield, Royal Oak, Rochester, Troy, Novi and neighboring cities and communities.