Retirees face the challenge of having their money last as long as they live! Troy Sharpe of Oak Harvest Financial Advisers sees it every day. ".People aren’t saving enough for retirement. So --- there’s a retirement savings crisis in our country.” He has advice for Baby Boomers who see they may out live their savings. "If you get to 70 years old and don’t have enough saved – your only option is to work as long as you can, live frugally and delay taking your social security out until age 70.“
He says it's not going to get any easier for people just starting or in the middle of their careers, either. “There may not be as much social security by the time you retire. Young people should be saving 10% of their income every year. If you’re in your 30s, you should save 12 – 15 % and if you’re in your 40s or 50s you should be maxing out all of your savings opportunities." He says to get help from a financial adviser early and make a life-long plan. You can hear Troy Sharpe every Saturday afternoon on Retirement Rescue here on 740 KTRH.