401kguy.biz
  • Home
  • Blog
Fiduciary Is Fun!

(a.k.a. I heart taxes)

Working Past 65...It's a Thing

5/1/2019

0 Comments

 
Are you like most Americans who dream of a comfortable retirement that will start sometime in your mid-60s?  For most Americans, they can’t even imagine another scenario.  However, new data suggests that the dream is becoming less a reality and more of a pipe dream.
 
According to a new report by United Income, the percentage of Americans who are over 65 and still working is at the highest level in 57 years!  Over 20% of all Americans who are at or above retirement age, i.e. 65 or older, are still working.  In 1985 it was 10%.  Additionally, according to some research from the New School for Social Research, the median savings for a “middle class employee”, someone earning more than $40,000 but less than $115,000, is $60,000.  $60,000!  It’s no wonder that more and more employees are continuing to work beyond age 65...they have little other choice!
 
If you are an employer who finds this information interesting, but unconcerning, I would encourage you to think more broadly.  These numbers are national numbers, but are they so much different for your employees?  If you have employees who are working after 65 wouldn’t you rather they be doing so because they want to instead of have to work? 
 
The answer to this problem lies in getting involved with your employees early to promote a culture of savings and financial wellness.  Helping employees understand how to budget, save, and invest for an adequate nest egg is critical to not only a healthy retirement for the employee, but also for the health of the employer.
 
Give a shout to learn more about how we can help your firm.
0 Comments



Leave a Reply.

    Picture

    Archives

    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    January 2019

    Categories

    All
    1031 Exchange
    401k Plan
    501(c)(3)
    Benefits Programs
    Best Practice
    Buy Sell Agreement
    CARES Act
    COVID 19
    COVID-19
    CPA
    Cyber Security
    Data Breach
    Defined Benefit Plan
    Eligibility
    Emergency Fund
    ERISA
    Estate Planning
    Financial Education
    Financial Planning
    Financial Stress
    Form 5500
    Hardship Distribution
    Healthcare Costs
    Health & Wealth
    Income Taxes
    Insurance
    Investing
    Investment Advice
    IRA
    Lawsuit
    Life Insurance
    LLC
    Member
    Parents
    Partnership
    Part Time Employees
    Plan Audit
    Profit Sharing
    Recruiting
    Rehring Employees
    Required Minimum Distributions
    Retirement
    Retirement Plan
    Retirement Planning
    Retirement Readiness
    Roth
    S Corp
    S-Corp
    Seasonal Workers
    Shareholder
    Signing Bonuses
    Social Security
    Student Loan
    Tax-Deferred
    Taxes
    Tax Exempt

    RSS Feed

All services discussed on this site offered through JarredBunch Consulting, LLC, a SEC-registered investment advisor.
3625 E 96th Street
Indianapolis,IN 46240
317-202-1891
  • Home
  • Blog