LOS ANGELES, CA, UNITED STATES, September 8, 2021 /EINPresswire.com/ – The vast majority of older American workers are unprepared for retirement and they know it, but many still have high expectations about how their golden years will be spent according to a new study. The Institute for Insured Retirement (IRI) conducted a survey earlier this year of nearly 1,000 part-time and full-time employees aged 40 to 73, and found that 51% of them had less than $ 50,000 in retirement savings, and 56% of respondents admit that they don’t believe they will be financially ready to support themselves for the rest of their lives after they stop working. Despite this, a third believe they will retire before age 65.

Acclaimed bankruptcy lawyer Charles Daff has a lot to say about this retirement trend. “The dynamic for retirees in this circumstance has many moving parts to hamper financial security to sustain itself,” says Daff. “Retirement for seniors in their golden years is the hope of enjoying peace and joy for the rest of life. Financial resources available to seniors who do not have fully funded private or government pension plans are limited. The elderly without the fully funded plan must rely on fixed and modest resources: “

The IRI also found that 58% of older workers think they will need to contribute $ 55,000 or more per year upon retirement, and 38% expect incomes of $ 75,000 or more. But the vast majority are not on track to get there. While about three-quarters of older workers are currently saving, about a quarter have less than $ 250,000 in their pockets and only one in five have saved more than $ 500,000. In the oldest cohorts studied, a third of workers aged 62 to 66 have no retirement savings and about 20% of workers aged 63 to 73 have nothing.

Daff continues, “Social Security payments are modest to support a monthly cash income to meet basic needs such as food, utilities, car expenses, rent, etc. Medicare and an affordable health care supplement policy for medical needs and care. “

Either way, 70% of workers think they will have enough money not only to cover basic expenses, but that they will at least enjoy some travel or leisure activities during retirement, which l ‘IRI has called the problem of “champagne budgets” and “another mismatch between savings and reality.” The IRI’s analysis hypothesized that one of the reasons for the disparity between the progress of older workers’ savings and their expectations of how it might turn out might be because people don’t do the math. Only four in ten workers have even tried to figure out how much they’ll need to finance their More than 60% of those polled believe that if they deplete their savings in retirement, they will be able to downsize and live their days solely on social security income, but the IRI warns that this will probably not be p as the majority of people who rely on such income for the long term

“Selling the family home to downsize or get a reverse mortgage to keep basic housing,” Daff concludes. “Credit cards to be used for the purchase of basic necessities or for occasional recreation. Where is the enjoyment of the retiree’s remaining years of life when only basic needs are met after a life spent pursuing a career, creating families and contributing to society? is that all there is? “

————————-

Charles Daff
https://www.ocbklaw.com/

Faculty of Law in June 1977 with a Doctorate in Law. He graduated from California State University at Fullerton in June 1974 with a bachelor’s degree in political science. Charles W. Daff has resided in Orange County, California since 1970, where he attended college, law school, and currently practices law. Charles W. Daff was called to the California State Bar in December 1977. He is admitted to all State courts in the State of California and all United States district courts in California. In September 1987, he was appointed to the Chapter 7 Trustee Panel by the United States Office of the Trustee, Orange County Office and currently serves as the Chapter 7 Panel Trustee in the Division. Riverside of the court. He is a member of the State Bar of California, the Orange County Bar Association (and its Commercial and Bankruptcy section), the National Association of Consumer Bankruptcy Attorneys, the Orange County Bankruptcy Forum, the Inland Empire Bankruptcy Forum, the American Bankruptcy Institute, and the National Association of Bankruptcy Trustees. He was named “Super Lawyer”, an award given to the 5% of the best lawyers in Southern California.

Since February 1995, Charles W. Daff has been a specialist in personal and small business bankruptcy law, certified by the California Board of Legal Specialization, State Bar of California. Charles W. Daff was a member of the Advisory Board of the Personal Bankruptcy and Small Business Specialists Commission of the State Bar of the State of California and was a member of the Advisory Board from September 1999 to September 2002 and from September 2007 to September 2010.

He advises on bankruptcy matters for various groups and organizations, including the National Business Institute, the Orange County Bankruptcy Forum, the Inland Empire Bankruptcy Form and the Orange County Bar Association. Attorney Charles W. Daff assists clients with debt relief, personal bankruptcy, Chapter 7, Chapter 11, Chapter 13, foreclosure, wages foreclosures and foreclosures in Santa Ana, California, as well as Irvine, Orange, Garden Grove, Tustin, Anaheim, Fountain Valley, Villa Park, Fullerton, Atwoord, Costa Mesa, Midway City, Westminster, Stanton. Placentia, Newport Beach, and Yorba Linda in Orange County, Los Angeles County, Riverside County, and San Bernadino County.

Aurora Rose
Unlimited Media Inc.
+ +1 951-870-0099
write us here