Carnival of Retirement # 7 – Retirement Statistics – February 20th, 2012 Edition Edition

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Welcome to the 7th Edition of the Carnival of Retirement. If you want to submit a post for next week’s edition, please use the submission form. Next week’s edition will be hosted by Money Reasons.
Retirement is a long-term game. There are so many things you need to do to prepare for retirement, and it’s not just saving and investing. Of course, having a great retirement portfolio is best, but to get there, we need to live within our means and build wealth along the way. This edition includes many retirement articles along with posts that will help us get there.  Enjoy these great posts from around the Internet!


Also – since this is the Carnival of Retirement, I’ve added in several statistics that describe the current retirement landscape in the United States. Looking at the current picture, it seems that retirement is a topic that needs to be taken very seriously if people want to live well in their ‘golden years.’ So, it’s definitely good to have a carnival that brings this topic in to the limelight.
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Retirement Statistic # 1 – Currently, 35% of people over the age of 65 rely in an almost full capacity on Social Security alone for retirement needs.
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Top 3 Editor’s Picks


1. Kacie from Sense to Save published How much should you save with each paycheck to reach retirement goals?, saying, ‘Will saving 10-15% for retirement be enough for you? Or, say you’re maxing out retirement accounts, but got a later start. Will that be enough? Calculate how much you’ll need to save with each paycheck to hit your nest egg target.’


2. MMD from MyMoneyDesign published Which is Better – Points or No Points on Your Mortgage?, saying, ‘Will buying points when you get a mortgage or refinance save you a lot of money, or should you pass on them? I’ll show you how to calculate the difference and share my Excel worksheet to help you decide for yourself!’ 


3. A Blinkin from Funancials published Loyalty is for Losers, saying, ‘Remember years ago, when you could walk into a bank or a bar and they would greet you by name? If you visited an establishment enough, you would be known as a regular. This is not a desired outcome and here is why.’


Note from Jacob – This is a cool post because it definitely has been my experience that in the journey to retirement (whether it be working at a company, the bank/brokerage to accumulate retirement savings, or where to take out insurance policies), you almost seem to be indirectly penalized by staying in one place. For example, in my experience, one of the quickest ways I’ve seen to get a raise/promotion is to switch the company you work for. In addition, I’ve seen that if you stay with the same bank or insurance company, your rates tend to increase year to year (or you have fees tacked on). However, if you switch banks/insurance companies, you seem to get an immediate price decrease. 

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Retirement Statistic # 2 – In today’s society, each retired person’s benefits are contributed to by 3.3 workers, down from 16 workers per retiree in 1950.
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And, listed below are the rest of this week’s great submissions! Enjoy!

Dr Dean from The Millionaire Nurse published A Million Bucks? In My 401K? Ya Gotta Be Kiddin!, saying, ‘It’s not rocket science. It doesn’t take a street smart investor. How do you get a million bucks in your 401K? Read on, brother.’

Evan from My Journey to Millions published Never Assume a Person Has a Completed Estate Plan, saying, ‘Testamentary intent should be the most important goal but that is predicated on the fact that some form of estate planning is actually gets done!’

Marie from Money Spending Mommy published 6 Reasons to Update Your Will, saying, ‘Perhaps you, like many others, believe that once your will has been drawn up, that’s the end of the process. While wills have never been anyone’s idea of fun, it’s important to review your will on a regular basis. There are many reasons to pull out your will and give it a thorough review. Here are some of the most common reasons:’

Peter from Bible Money Matters published Lending Club Returns Continue Upward Trend at 11.44%. Lending Club Passes 500 Million In Loan Originations, saying, ‘I‘ve been investing with Lending Club for a couple of years now, and I’ve gone from a skeptic when I first started investing with the service, to someone who is convinced that Lending Club can be an integral piece in any person’s investing strategy.’

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Retirement Statistic # 3 - While the average retirement savings in the US is nearly $50,000, the median (so the amount which 50% of Americans have saved less than and 50% have saved more than, i.e, the 50th percentile value) is ONLY $2000. Wow!
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Kay Lynn from Bucksome Boomer published Save Money by Living a Simpler Life, saying, ‘Doesn’t it just make sense to live simpler? The fewer things you own, the fewer maintenance costs you will have, and the more you will save in the long-run! Live a simpler life, and you will start seeing your bank account grow beyond your wildest dreams!’


Miss T. from Prairie Eco Thrifter published 10 Reasons You’re Broke, saying, ‘If you always have more month than cash and never seem to get ahead or even to even, it’s time to look at some reasons you may be broke.’

FG from Financial God published Harper’s Plan to Cut Canada’s Old Age Security OAS Program, saying, ‘The Internet is afire with news that the Conservative government of Canada is planning to raise the minimum age for Old Age Security, as part of a comprehensive government-wide cost-cutting measure for the upcoming federal budget. ‘

Little House from Little House in the Valley published How Does Your Rainy Day Fund Stack Up?, saying, ‘According to Mint.com, 50% of Americans claim that they would have difficulty coming up with $2,000 for unexpected expenses. Around here, that’s what an emergency fund is for. However, I guess this is still a novel idea to many Americans based on data Mint.com collected. Check out the infographic yourself (click on the link to see a larger version on Daily Infographic):’

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Retirement Statistic # 4 – 36% of Americans report that they do not contribute anything towards retirement currently.
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Don from MoneySmartGuides published Investing: What You Cannot Control, saying, ‘This will be a two part posting on what you can and what you cannot control when it comes to investing. This first part will highlight four things you cannot control. Picking winning stocks, picking superior managers, timing markets, and one more…’

Jen from Master the Art of Saving published Tax Refunds- The Good, The Bad and Why We Get One Anyways, saying, ‘Financial experts along with many personal finance bloggers frown upon getting tax refunds. Why? They actually have a valid point—why loan the government…..’

Aloysa from My Broken Coin published How Realism and Creativity Can Help You Get Out of Debt, saying, ‘Sometimes I get frustrated with my life and myself because it seems that paying off debt is an endless process, a perpetual torture of saying no, a continuous refusal to spend on something that makes me happy. ‘

Dividend Ninja from The Dividend Ninja published It’s Only Castles Burning, saying, ‘Investor Seth Klarman, founder of the hedge fund Baupost Group, wrote a book on value investing, called Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. Read an update on Klarman’s activities’

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Retirement Statistic # 5 – When retiring at the age of 65, 62% of people have less than $25,000 in savings.
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LaTisha from Financial Success for Young Adults published First Rental Property: Find Investors or Go It Alone?, saying, ‘Starting your first rental property? Deciding whether or not to take on investors has many advantages and disadvantages.’

Ryan from Early Retirement Investments published Why Your Children Should Open a Roth IRA at Age 18, saying, ‘These are the reasons why children should open at Roth IRA at 18 years old or earlier.’

Suba from Broke Professionals published The Definition of Broke: What Does It Mean?, saying, ‘I often catch myself saying I’m broke… but is it true? Just because you have no money in the bank doesn’t necessarily fit the definition of broke.’

Kanwal Sarai from Simply Investing published Top 3 Tips for Successful Investing, saying, ‘The beginning of the new year is a great time to plan for the future. Plan on how you will be able to earn more passive income this year than last year. Here are 3 tips to help you earn more:’

Daniel from Sweating the Big Stuff published Lending Club Returns at 15.87% in February 2012, saying, ‘I started investing in Lending Club in 2011, and so far my returns have been stellar. Using some smart criteria, I’ve been able to crush the average.’

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Retirement Statistic # 6 – For the next 19 years, 10,000 Baby Boomers will reach retirement age each day.
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Erika from Newlyweds on a Budget published So I think I need to reevaluate my goals, saying, ‘I think I made my goals too easy for the year because we’ve already completed a huge chunk. 1. Pay off credit card debt. We’re on track to pay this off by April 1. Hoping the move doesn’t put a wrench in our plans. 2. Contribute full company match to 401K. Done! I contribute 3 percent, read my other accomplishments’

Andy from My Retirement Blog published The 6 Most Reliable Ways to Save For Retirement, saying, ‘Many Americans are planning for retirement earlier than ever. While the reality is that tough economic conditions may force them to retire years later than they wanted, this is having the dual affect of encouraging more foresight and planning.’

Steve from Money Infant published Saving Money and Time Through Automation, saying, ‘Automation is one of the keys to unlocking your financial freedom. Chances are you already automate some of your savings plans like 401k and emergency savings’

Jester from The Ultimate Juggle published How to Accept Advice from Others, saying, ‘Who do you ask for financial advice. Find out who you should be asking for financial advice and learn how to accept it gracefully.’

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Retirement Statistic # 7 – 24% of US workers have postponed their target retirement age in the past year.
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PITR from Passive Income To Retire published Why Cash Flow is Important, saying, ‘Find out why cash flow is important in an early retirement plan. The importance of cash flow rests the 2 ways it helps me fulfill my dream.’

krantcents from KrantCents published Invest Your Tax Refund or Send It to Me!, saying, ‘Invest your tax refund or send it to me! It is all about choices. What are you going to do? I know some will pay down debt, add to savings or fund an IRA. If you are going to go out and spend it on dinner, clothes, electronic toys or something that will break, wear down, etc they you’re better off sending it to me!’

Jeffrey from Money Spruce published Wealthy, Successful Bloggers: Don’t Simply Follow Their Frugal 
Advice, saying, ‘I often wonder if I’m brainwashing myself with the stuff I just want to hear. Lately, I’ve been reading a lot of blogs, books, and other advice about self-employment and starting your own business. I’ve mostly convinced myself that working a 9-5 job isn’t the key to happiness and success in my life.’

Nathan Kim from Everyday Money Info published Roth IRA or Emergency Savings? Yes!, saying, ‘Instead of making the choice between funding your retirement or building up emergency savings, you can do both with a Roth IRA.’

Pat Huddleston from Investor’s Watchblog published Is Your Nest Egg an Adviser’s Piggy Bank?, saying, ‘Tips on how to protect your retirement investments’

Melissa from Fiscal Phoenix published Diversification to Reduce Risk, saying, ‘When you first start investing, you may be scared that you will lose money. Putting your money at risk is never easy especially when you have fear that you will lose that money. Well, there are a few ways to reduce or minimize the risk of losing money.’

    ***Photo courtesy of http://s0.geograph.org.uk/geophotos/02/25/21/2252194_77b5e5a4.jpg
    ***Retirement statistics courtesy of http://endoftheamericandream.com/archives/10-incredible-statistics-about-americas-coming-retirement-crisis-that-will-blow-your-mind and http://www.smartmoneyadvice.com/retirement-statistics.html and http://www.businessinsider.com/facts-about-retirement-crisis-2010-12#the-50-states-are-collectively-facing-517-trillion-in-pension-obligations-but-they-only-have-194-trillion-set-aside-in-state-pension-funds-11

    Comments

    1. Very nice roundup, thanks for including me in this group of exceptional bloggers and their posts.
      My recent post Blood Money

    2. Woo hoo, a top pick! That's never happened to me before. Thanks so much!

    3. Thanks for the mention, I really appreciate it!
      My recent post One Year Blog Anniversary Giveaway, over $1100 in prizes!

    4. Jacob- thanks for the shout out. Have a great week!
      My recent post Win A $25 Walmart Gift Card

    5. Thanks for the inclusion!
      My recent post How to Use Technology to Save Money on Car Insurance

    6. Thanks for the inclusion, I am in really good company.
      My recent post The 3 F’s of Success

    7. Thanks for including my infographic post!

    8. Thanks for including my post. Good carnival-lot's of effort, I appreciate it.

    9. I’m very excited to be one of the Editor’s Picks this week! Thank you for the honor among the many great posts! Also, I really like the format of this Carnival with the random statistics. Very creative!
      My recent post What is Shorting a Stock?

    10. Wow, nice number of contributors for such a 'young' carnival. I'll have to think of something to contribute for next time!
      My recent post Rewarding Your DIY Efforts

    11. The Happy Homeowner says:

      Great carnival; I love the inclusion of the stats!

    12. Thanks for including me!
      My recent post My Experience At a Storage Auction

    13. Thanks for hosting the carnival this week, and thanks for including my post. :-)

      -Jen
      My recent post Another Place to Get Your Credit Score for Free

    14. Wow, the retirement stats are scary! Especially a median retirement savings of $2,000. I hope that is for a 20 year old. :)
      My recent post Where Lower Income Tax Filers Can Get Free Tax Help

    15. Thanks to everyone for participating!
      My recent post Saving Money on Your Health Insurance

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