Back sometime around 2007-2008, the American economy took a turn for the worse when reliable direct lenders began turning into bad credit lenders and offering unsecured loans to people who simply couldn’t afford to repay their debts. Unfortunately, the effects of this financial crisis hit one group of Americans particularly hard: those Baby Boomers who had been planning on retiring with comfortable finances. But now…
One out of Four: The number of working middle class American adults today who believe that they’ll have to work until they’re 80 years old — at least — in order to support themselves and their families, while saving up enough money to live comfortably during retirement.
28%: The percentage of working Americans that aren’t sure if they’ll be able to retire and live comfortably — and this doesn’t include the workers who are already aware that they’ll have to make some major lifestyle changes upon retiring in order to live fairly comfortably.
20% in 10 Years: The amount of American employers who stopped offering retirement packages for their employees, between 2000 and 2010. Unfortunately, many of the employees who were affected by these budget cuts were people who had invested years into a certain company, expecting, and often being promised, to receive a substantial retirement package after a certain amount of years as an employee — only to have their entire retirement plans thrown away due to the company’s financial struggles during the Recession.
So what exactly do these numbers mean for the average American worker and soon-to-be retiree?
Quite simply, you might find yourself strapped for cash, unless you feel comfortable working up until your last day on Earth. One option that many retirees turn to is an IRA non recourse loan agreement, which is a secure type of loan (involving collateral) offered by trustworthy direct lenders. Sure, there are risks involved in these loans, as there would be with any type of loan. But if you’re in a sticky situation and your entire retirement plan is in jeopardy, a few small lending risks could definitely pay off.
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