Report shows sizable disconnect between expectations, reality
For all the age groups surveyed, $300,000 was the median amount predicted to be needed for a proper retirement nest egg. However, the median savings of these respondents was only $20,000. They also expected to spend 10 percent of their retirement nest egg annually. Standard industry recommendations call for annual withdraws in the 4 percent range.
That's a huge gap to bridge. How could there possibly be enough time to save $280,000 when only $20,000 has been stashed so far?
Tom Kelly's book "Cashing In on a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone" was written with Mitch Creekmore, senior vice president of Stewart International, and Jeff Hornberger, the National Association of Realtors' international market development manager. The book is available in retail stores, on Amazon.com and on tomkelly.com.
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