Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.  

 

25% OF U.S. ADULTS OVER 50 WILL NEVER RETIRE.  

I see people working who appear past retirement age.  Some I know work because they enjoy staying busy. Unfortunately, many have no choice. They cannot survive on their social security payment, which averages about $1,800.00/month.   

About 1 in 4 U.S. adults over 50 say they expect never to retire, an AARP study finds

“About one-quarter of U.S. adults over 50 who are not yet retired say they expect never to retire, and 70% are concerned about prices rising faster than their income, an AARP survey finds. About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how a graying America is worrying more and more about how to make ends meet even as economists and policymakers say the U.S. economy has all but achieved a soft landing after two years of record inflation.Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement.”  https://www.pbs.org/newshour/economy/about-1-in-4-us-adults-over-50-say-they-expect-to-never-retire-an-aarp-study-finds  

YOU MUST START SAVING – HOW ABOUT $100.00 EACH MONTH?

You are thinkig I don’t have any money to save! Start tracking what you spend.

1.          You must start saving. Most of us can cut back on some expenses and save something.  

2.          How about setting a goal to save $100 each month? Suppose you can do more, fantastic. If you can only save $25.00, GET STARTED.  3.          Find ways to increase your monthly savings as often as you can. Either cut your costs or find a part-time job.

4.          If you have access to a 401-K plan, this is a great tool, ESPECIALLY if your company matches part of your savings.

5.          If you cannot access a 401K or equivalent, deposit your savings in an IRA or ROTH IRA. In a traditional IRA, the money you deposit is tax deductible if you earn less than allowable limits, as shown below. In the ROTH, you contribute after-tax dollars (no deductions) within permissible limits, as shown below.  

YOU CAN DO IT!  START TODAY!

This table summarizes the growth of different monthly deposits over 10, 20, 30, and 40 years, assuming a 9% annual return. The significant increase over the years highlights the power of compounding interest and consistent investing.  

Monthly Deposit	10 Years	20 Years	30 Years	40 Years
$100/month	$19,496.56	$67,289.60	$184,447.41	$471,643.02
$200/month	$38,993.13	$134,579.20	$368,894.81	$943,286.03
$300/month	$58,489.69	$201,868.81	$553,342.22	$1,414,929.05
$400/month	$77,986.25	$269,158.41	$737,789.62	$1,886,572.07
$500/month	$97,482.82	$336,448.01	$922,237.03	$2,358,215.09

The Early Bird Gets The Worm and Goes Fishing Enjoying Retirement! 

 

The paths to financial freedom are UNLIMITED.  CHOOSE YOUR OWN!  

LET’S MAKE SOME MONEY – CRYPTOCURRENCY, ANYONE? 

WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!

YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT

St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/

Wounded Warrior Project:  An American charity and veterans service organization that offers a variety of programs, services and events for wounded veterans of the military  https://wilsoncountynokillanimalshelter.mywcn.com/

Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten.  https://foldsofhonor.org

Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals.  https://wcnkas.org

Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001.

https://dogood.t2t.org/give/320847/#!/donation/checkout

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https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/

 

 

 

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ABOUT ME

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC.  State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

I left a corporate career because I desired to make a difference as a speaker and writer.  I was blessed to be coached and mentored by strong women and men in my family and professional life.  It is my time to serve and give back.

DISCLAIMER

I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons.  I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog as recommendations for your situation.  As an investor, you must establish your risk/loss tolerance.  Investment in any asset involves risk, including complete loss. 

 Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.  

I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy.  I will help you get there.

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