While skimming through financial articles, we ran across the Fifth Annual Wells Fargo Middle-Class Retirement Study. Most of the statistics this study shows are more or less expected. It reports that, of those surveyed:
- 34% are not saving for retirement
- 19% have no retirement savings
- 68% find saving for retirement harder than expected
- 61% say they are not making sacrifices to save for retirement
Though we advise and want people to retire securely, we understand the difficulties. What really caught our eyes though was this statistic: 22% would prefer to die early than run out of money. As your dedicated CPA in Hawaii, this hit us hard. Traveling through retirement comfortably is important, but it isn’t as important as living. Moreover, you can do both.
If you have yet to start your retirement plan, start it. You can start small and work your way up. The important thing is that you start a plan. The earlier you begin, the easier it will be. If you are worried, rest assured you are not alone. According to the study, 48% of non-retirees surveyed are not confident their savings are enough to retire.
Do what you can now to remove or further remove yourself from the negative portion of these statistics. Call an expert when you need help. If you would like to discuss this issue any further, please let us know.