Retirement Planning
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“I know it’s up to me to save for my own retirement now, but how do I know how much I’ll need to live on, how much I need to save in order to get there, and where the best place is for my money to help it grow?” |
Hardly a day goes by anymore without a new article or news report about the retirement savings woes of baby boomers. A recent Gallup poll showed that 56% of Americans are either “very worried” or “moderately worried” about whether they have saved enough for retirement. Since we know that a lot of people live in denial we can assume that the percentage who should be worried is higher than that.
There are a lot of factors combining together to make this a scary situation:
- The huge decrease in traditional pensions that previous generations were able to count on to supplement social security.
- The well-publicized concerns about the health (or lack thereof) of our Social Security system.
- The very low U.S. savings/investment rate and the recent reliance on home equity to pay for things we want.
- An increasing reliance on credit card and mortgage debt that many people will carry into retirement
- Increased life expectancies due in large part to continued advances in health care. A poll by the Employee Benefit Research Institute showed that 30% of American workers believe they are “very likely” or “somewhat likely” to live until age 95. Previous generations often planned for 10 years or less in retirement, while current expectations would be for 20-30 years.
The good news (and the bad news) is that it is up to you to make sure that your future retirement is everything that you want it to be. No matter what stage you are in at this point there are steps that we can help you take to put you on the right track to achieving your goals.
Our retirement planning professionals can help you discuss how much you will need to live on in the future, how much you should have saved when you retire, the best savings vehicles, (401(k)’s, IRA’s, Roth IRA’s, etc.), the appropriate allocation of assets (stocks, bonds, mutual funds etc.) for each of those accounts, and how to strategically maximize all of the options available to you.
Don’t put it off any longer! Contact us today to arrange a time to speak by phone or in person with one of our knowledgeable retirement planning professionals. You will thank yourself when the inevitable time comes that you are no longer able to work.
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