If you’re close to 50 years old (or older), you need to read this immediately…
That’s because your retirement is in jeopardy.
Not only may you not be able to retire on time, but you may not be able to retire at all.
But it’s not too late to act…
As you’ll learn today, if you take specific steps, you can keep your retirement plans intact — and even better, you could potentially retire early.
Read on to learn more…
What You Really Need to Retire
Did you know that, in order to live a comfortable retirement, you’ll need a nest egg of at least $1 million?
For the average retiree, $1 million would be enough to live on for 20 to 25 years. That’s based on having at least $5,000 per month in income.
Now look, I know everybody’s expenses and lifestyles are different, but for the average American, $5,000 in monthly after-tax income would be enough to live a comfortable life…
You could pay your bills, go out for the occasional nice dinner, and even take a vacation or two each year. Nothing extravagant, but comfortable.
Unfortunately, not many folks have saved $1 million:
The average 50-year-old in America today has saved less than $50,000, and 45% of Americans have nothing saved for retirement at all — zero.
But here’s the really scary part:
Even if you do have a small nest egg…
And even if you have several years before you retire…
Your dreams of retirement could still come crashing down.
That’s because there are two imminent threats…
Retirement Threat #1: Social Security is Bankrupt!?
I don’t mean to sound like an alarmist…
In general, Matt and I are optimistic about America’s long-term prospects.
But it only takes some basic math to realize that American retirees can’t rely on social security to help them through retirement.
You see, Social Security doesn’t work the way most people think it does…
The government doesn’t take your social security contributions, invest them, and then give you access to these funds later on in life.
Instead, it takes the money you contribute to Social Security today, and gives it to current retirees. Meaning, once you’re qualified to collect social security, you’ll be relying on a younger workforce to pay for your benefits.
There’s just one problem with that: Baby Boomers!
The Boomers are the generation born from 1946 to 1964, just after World War II. Today, there are 76 million of them.
Over the next 19 years, they’ll all retire and 76 million people will be drawing out huge sums from Social Security.
And when that happens, there will be more retirees than there are workers — and that will cause Social Security to run at a massive deficit.
In fact, this is happening already: According to a study from the Pew Research Center, as early as 2010, Social Security had negative cashflow of about $78 billion per year.
And even though the Government has “reserves” for this kind of situation, they’re not nearly enough.
Based on a report from the Congressional Budget Office, Social Security will basically be unable to meet its obligations by the year 2034.
So again, you can’t expect the government to help you through your retirement years.
Retirement Threat #2: A Crash is Coming
On top of that, as we’ve written about recently, the stock market is on the verge of a massive correction.
Many predict it’ll be worse than 2008…
And some experts are forecasting that it could be worse than The Great Depression.
If that happens, you could see 50% of your nest egg get wiped out in just a year or two.
Meaning, even if you’ve done everything right…
Even if you’ve worked hard, saved your money, and invested it wisely, you could still be forced to delay — or worse yet, cancel — your retirement plans.
But there is a bright side here:
Once you recognize there’s a problem… then you can get to work on a solution.
How to Solve America’s Retirement Crisis
Next week, Matt is going to walk you through three potential solutions to America’s looming retirement crisis.
As you’ll see, hope is not lost. If you act now, you could get your retirement plans back on track.
The best part: you won’t have to rely on social security or the stock market!
So be sure to check your inbox next Wednesday, May 8th at 11:00 AM (Eastern).
Oh, and before then, we have a quick question for you:
We’d like to know whether you believe you have enough saved for retirement…