RETIREMENT CORNER
The Street recently reported on a rather alarming statistic that may soon become a norm when planning for retirement. Quoting an HSBC survey, the article below states:
“64% of people age 70 or older are financially supporting others. That’s compared to just 56% of workers, though 73% of folks 30 through 39 and 70% of those 40 through 49 are borrowing money just to make ends meet…”
According to the U.S. Department of Health and Human Services, almost 70% of Americans turning 65 today will need some type of long-term care (LTC) as they age. And 20% will likely need care for five or more years. Given that the annual cost of that care can extend into six figures, that’s a daunting prospect for many retirees....
Roth IRAs have inherent advantages that very well could help savers of all ages get on the right track for retirement, assuming you fall under the income requirements that allow you to contribute. You can find these requirement on the IRS website linked here, but the rough gist is that only about the top 10% of income earners will be excluded from opening or contributing to a Roth IRA....
