One of the big challenges for retiring today is being able to afford retirement. Many of us are in the difficult position of not having company retirement benefits to fall back on. What that means is that all we have to retire on is our Social Security benefits. That’s not all that much.
Having money in savings doesn’t help all that much either. It used to be that if you have a million dollars in the bank, you had it made for retirement. Your million would net you $50,000 per year at 5% interest; but with today’s interest rates, you need five times as much in savings, to net the same amount of income. That’s more than most of us make in our entire life.
So, how are you going to survive?