According to Motley Fool’s research some of the scariest statistics involve the amount -- or lack thereof -- that Americans are setting aside for the future. Read them and you decide-half full or half empty? • Only 22% of U.S. workers are confident they'll have enough saved for retirement. • 45% of Americans have no retirement savings whatsoever, including 40% of baby boomers. • Americans save just 4% of their income, on average. In the 1970s and 1980s, the rate was approximately double the current amount. • Despite the lack of confidence and savings, 38% of Americans aren't saving for retirement. Americans know they won't have enough money, but still won't save The vast majority of those in the prime of their careers are aware they have a problem with their retirement savings. They're right.
What % of Gross Income Did They Save for Retirement?
Steps to Retirement Security 1. Develop a retirement plan—I know it sounds obvious to most but like the saying goes “Plans fail for lack of planning.” 2. Reduce or eliminate as many retirement risks as possible. Most people know the risk associated with inflation, long-term care, and mortality risk, but most are not aware of sequence of return, withdrawal rate and longevity risk. Longevity risk is a risk multiplier and understandably it can be detrimental to your overall retirement success. 3. Learn how to maximize your and/or your spouse’s benefits. With over 2,500 options you would be well advised to seek out competent financial advice. 4. Plan for long-term medical costs. I may be “preaching to the choir” because most of those seeking our services already know someone already in a nursing home or assisted living environment. If you or your company would like to sponsor a seminar about retirement preparedness, please give us a call. We can help and we would love to hear from you.
RANDY C. COWELL ACT FINANCIAL Randy C. Cowell is a columnist and President of ACT Financial Services, Inc. in Tulsa, Oklahoma. He is the author of “God Good-Debt Bad”. Randy welcomes your thoughts and prayers. He can be reached at 918-664-0081 or by e-mail at rcowell@htk.com. “Randy C. Cowell is a registered Representative of and Securities and Investment Advisory services offered through Hornor Townsend and Kent, Inc Registered Investment Advisor. HTK is a member of FINRA/SIPC and does not offer tax, legal and credit service advice. The views expressed are not necessarily those of HTK. ACT Financial Services, Inc. is not affiliated with HTK.”
1508318RM-Jul18 https://www.invesco.com/portal/site/us/investors/explore/ http://www.fool.com/retirement/general/2016/01/26/20-retirementstats-that-will-blow-you-away.aspx http://www.quickenloans.com/blog/the-retiree-next-door-tips-andinsight-to-build-a-successful-retirement C ommu n ity sp ir itma ga zin e.c om
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