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A couple of recent studies by Allianz point to the problem of retirement in today's poor economy. Most of those nearing retirement are not only unprepared, but often they have no practical idea of how much cash they need to put away to retire. Consequently, their children will likely not see an inheritance from their mothers and fathers.
Seniors not leaving anything behind
Only 14 percent of boomers' parents think that they will leave any kind of inheritance for their children, which means most baby boomers should not wish for any type of inheritance, according to Allianz. Baby boomers contain those born between 1946 and 1964.
Hendrik Hartog is the "Someday All This Will Be Yours" author who said:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Helping parents out now
A ton of times, children end up taking care of their parents for the rest of their lives. Elderly parents are just attempting to make it on the few pennies they have left.
Kay Kramer of KLB Financial said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Paying for medical
Because we live longer now, the price of retirement is much higher than we might want it to be. Medical care expenses are increasing and the value of assets such as homes are decreasing. Right now, the average American is worth $77,000 in net worth, according to the Star Tribune, which is the same as it was 20 years back. That is most likely a bad sign.
Not anticipating it to cost so much
Those from 55 to 65 did not even know how much cash they should be saving for retirement, according to an Allianz study.
Allianz Life President and CEO Walter White wrote:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
About 10 percent of those in the survey even imagined about inflation when preparing for retirement. About 16 percent looked at taxes when it came to estimating for the future. People typically do not consist of taxes or inflation.
Beginning earlier
There were a number of people who did not prepare early. In fact, 16 percent said they would wait until they were a year from leaving the job to start saving. Another 43 percent said that they did not consider retirement until they were five years away from leaving their job. Allianz suggests everybody get a head start.
Seniors not leaving anything behind
Only 14 percent of boomers' parents think that they will leave any kind of inheritance for their children, which means most baby boomers should not wish for any type of inheritance, according to Allianz. Baby boomers contain those born between 1946 and 1964.
Hendrik Hartog is the "Someday All This Will Be Yours" author who said:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Helping parents out now
A ton of times, children end up taking care of their parents for the rest of their lives. Elderly parents are just attempting to make it on the few pennies they have left.
Kay Kramer of KLB Financial said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Paying for medical
Because we live longer now, the price of retirement is much higher than we might want it to be. Medical care expenses are increasing and the value of assets such as homes are decreasing. Right now, the average American is worth $77,000 in net worth, according to the Star Tribune, which is the same as it was 20 years back. That is most likely a bad sign.
Not anticipating it to cost so much
Those from 55 to 65 did not even know how much cash they should be saving for retirement, according to an Allianz study.
Allianz Life President and CEO Walter White wrote:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
About 10 percent of those in the survey even imagined about inflation when preparing for retirement. About 16 percent looked at taxes when it came to estimating for the future. People typically do not consist of taxes or inflation.
Beginning earlier
There were a number of people who did not prepare early. In fact, 16 percent said they would wait until they were a year from leaving the job to start saving. Another 43 percent said that they did not consider retirement until they were five years away from leaving their job. Allianz suggests everybody get a head start.
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