It seems like every time you pick up the business section of the paper you see an article in the personal finance column about the “impending retirement disaster” that is looming for Americans. These articles typically point out that most people are not saving anywhere near what they will need for retirement, and thus, will not have enough money to live on when they do. In this article, we will evaluate the statistics behind these observations; then point out how CrossCheck can help your customers.
The median wage earner retiring at 67 years of age will typically get a social security monthly check for $1606, or $2409 if there is a spousal benefit. Compare this to someone who is working and making $54,000 a year, who would keep about $3500 a month after taxes and their contribution to their 401(k) plan.Read More