Retirement (Photo credit: 401(K) 2013)
Ameriprise Financial’s “Retirement Check-In® survey” is a recent review of Americans’ expectations and preparedness for their upcoming retirement.
“”The survey uncovers that there is a gap
of approximately $250,000 between what
respondents think they need to retire
comfortably and what they’ve set aside for
their post-career income.
• On average, respondents say they think they
will need close to $1 million for a comfortable
retirement ($934,000), but their current
investable assets are just under $700,000,
including their employer-sponsored plans.
• What’s more, nearly one in four (22%) report
that they have less than $250,000 earmarked
for retirement.”"
Many of those surveyed are relying on their houses to help. Nearly half (47%) expect to use the equity in their homes to help fund their retirement.
A reverse mortgage is a safe financial tool that can help people 62 and older to access that equity.
