Does any of this status quo retirement planning conventional wisdom ring a bell?
1. Use mutual funds to diversify your portfolio.
2. Contribute the maximum to your 401(k).
3. Maintain a high credit score and shop around for low interest rates.
4. Purchase term and invest the rest.
5. Invest your money in the stock market to earn a good return.
6. Put off paying your taxes until later. (The reality that disproves this myth will astound you.)
- Credit card debt totals roughly $10,700 for the typical American household with at least one card.
- There have been trillions of dollars lost from 401(k) accounts.
- 71% of people between the ages of 45 and 64 acknowledge they are concerned about saving enough money for retirement.
- Up to 34.5 percent of the average American's after-tax income is paid out in interest.
- In 2010, every three months 250,000 new homes were into foreclosure.