What's Stopping You From Retiring Rich?

Having enough money to retire on used to be relatively simple: work long and hard while you can and it's done

. Today, saving and making money for retirement isn't as nearly as easy; diminishing investment returns, the gradual disappearance of pension plans, and the instability of Social Security requires that seniors reexamine their retirement plans and investment strategies to retire with enough money to last the rest of their lives.

Today's retiree is in danger due to three fundamental threats to his or her nest egg. First, Social Security is paying more benefits that it's taking in from payroll taxes, which hasn't happened in almost thirty years. This will result in a retirement program that will pay younger participants only three-fourths of what current laws dictate they'll get.

At the same time, pensions with defined benefits (which give retirees regular income in the form of monthly payouts) are almost obsolete because younger employees no longer take advantage of them.

Even workers with pensions find it difficult to rest on their laurels. Local and state governments struggling with steadily increasing costs and low revenue from taxes are hard-pressed to boost pension funding. In addition, the large workforces employed by private companies are covered by underfunded pension plans. Due to the recession, many companies and businesses aren't able to fund their employees' pensions, with most choosing to cut back or freeze these programs.

Young workers and the middle-aged themselves are also threatening their nest eggs with their own underfunding. The Retirement Confidence Survey found that more than a fourth of all surveyed haven't even saved more than a thousand dollars for their retirement, while half of all participants only have $25,000 and less in savings.

With Social Security, pension plans, and savings on the downslide, many retirees, as well as those decades away from retirement, will find themselves face down or sprawled out on the floor - retirement's three-legged stool has never had such weak support in years.

by: Carina Smith

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