Thursday, September 02, 2010 - 2:55:35 PM

Local News

Print Friendly | Bookmark and Share

Americans Not Ready for Retirement - 3/9/2010

A recent survey by the Employee Benefit Research Institute says 43% of Americans have less than $10 thousand saved for retirement, but Financial Advisor Gerri Harrison thinks that's underestimating the situation.

"A lot of them don't have 5K. A lot of them don't have anything they've saved towards retirement," said Harrison.

Harrison owns a Financial Service business in Johnson City. She's seeing people dipping into their retirement accounts early, even though they'll incur large fees and penalties. To replenish those funds, some people are considering delaying retirement, but harrison points out that could lead to even more trouble.

"An awful lot of people, if you look at their health at age 62 or 65, they cannot physically maintain the job that they were doing," said Harrison.

In an ideal situation, you would have started saving early, but if retirement age is creeping up and your savings low, Harrison says you don't have many options.

"You really should be putting aside 20% - 25% of your income," said Harrison.

It's a tough pill to swallow, but today fewer companies are offering pensions and living on Social Security alone leaves many close to the poverty line.

"Some people get $7,000, $8,000, $9,000 a year," said Harrison.

The hard reality is that the economy is down. If you start saving now, you won't be a millionaire, but at least you'll be better prepared.


***FOX 40'S GRACE CHARLES***

VIEW VIDEO

View Related Articles: Johnson City or comment on this one below.

blog comments powered by Disqus


Back Back

Binghamton web design and website hosting by EFX internet  EFX internet


Breaking News


 Gulf oil platform explodes, burning off La. coast
GRAND ISLE, La. – An offshore petroleum platform exploded and was burning Thursday in the Gulf of Mexico about 80 miles off the Louisiana coast, west of the site where BP's undersea well spilled after a rig explosion. The Coast Guard says no one was killed in the blast, which was reported by a commercial helicopter flying over the area Thursday morning. All 13 people aboard the rig have been accounted for, with one injury. The extent of the injury was not known. Coast Guard Cmdr. Cheri... more

Additional Articles


 Study: NY roads and highways rank 46th in nation
New York's roads rank 46th in the nation in performance and cost-effectiveness, according to Reason Foundation's 19th Annual Highway Report released today. The study ranks each state's Interstate... more

 Comedian and author to speak at Jewish Federation Annual Meeting
Stand-up comedian and author Joel Chasnoff will be the featured speaker at the Jewish Federation of Broome County's annual meeting on September 14. Chasnoff is known for his offbeat comedy and has... more

 New Laws For New Drivers VIEW VIDEO
Since she got her license a year and a half ago, many of Chelsy LaForce's friends have relied on her for rides. "A lot of my friends don't have cars or their license yet so I go pick them up,"... more

 Town of Union Sets New Property Owner Regulations VIEW VIDEO
Officials in the Town of Union want to be able to keep track of landlords. So, now they are requiring all rentals to have a local property manager. Town officials discussed the matter at a meeting... more

 Men's Warehouse Collecting Used Suits for Charity VIEW VIDEO
Do you have an old suit you don't wear anymore? This month, you might want to think about donating it to the Men's Warehouse in Vestal. That's where they are collecting new or gently used men's... more

 71 Year Old Lifts 376 Pounds, Wins National Championship VIEW VIDEO
Meet 71 year old Louis Sposato, who, as of Sunday, added one more world record to the 6 he already holds. Lou competed in the 2010 USA power lifting bench nationals in Virginia for men 70 and older.... more

 BU Students Line Up for Drake Tickets VIEW VIDEO
Pre-sale tickets sold out at Binghamton University Wednesday morning as it prepares to welcome one of music's biggest acts to the events center. Students began lining up as early as a quarter to... more

Click here for more local news...icon

ADVERTISEMENT

ADVERTISEMENT

Request A News Story

If you are looking for a copy of a news story that we recently aired, simply click here to find out how.

FOX 40 Poll


Which Social Media Site Do You Use The Most?
 
Twitter
 
Facebook
 
LinkedIn
 
MySpace
 
Other
 
None
   

Breaking News

Do you have a tip or information about a breaking news story? Contact the FOX 40 News Desk at 607.798.0070 or send us an email .