Nearly Half Of Americans Households Need To Step It Up To Make Retirement A Reality

A recent study found that 46% of American households don’t have any retirement savings, despite financial advisors recommending people sock away 20% of their annual income for retirement. 

A website called  TollFreeForwarding.com ranked all 50 states to determine the best place to live if you want to save money.  

South Dakota came out on top, followed by Missouri and Kentucky. California came in dead last.

California slams its residents with high sales taxes, high income taxes, and high gasoline taxes, which team up to leave you with less money to save for retirement or anything else.

The study looked at ten criteria  including average income, average rent, utility costs, gas prices, cost of childcare, taxes.    

 Many years ago, grandpa could work for one company for 50 years and retire with a big party, a big cake, a gold watch, and a company-paid pension.

Those pensions have disappeared.  Only the government offers traditional pensions.

Instead, workers have to take money from their own paycheck every week and invest it in something that can produce growth over many years.

That could be the stock market, the bond market, real estate, certificates of deposit at the bank.

But those investments could tank, leaving you with little.  The stock market is volatile.  Bond returns barely stay ahead of inflation, real estate prices don’t always go up, and certificate of deposit at the local bank are offering interest rates between 3 and 5 percent right now, but for several years were around zero.

Overflowing jar of coins, isolated on white.

Photo by Alpha Media USA Portland OR