Financial Wellness & Retirement – Older Americans Month
Most if not all Americans want the American dream, and that means they want to succeed and be free to do so. This in turn results in financial wellness and security. One would hope that the people of the United States are doing that and are saving and making sure that they are financially well and stable. The truth is that unfortunately, the real picture looks a bit bleak.
Perhaps the American dream is just that… a dream. Over half of all Americans have absolutely nothing saved for retirement and just 35% have under $1,000 or just a few hundred dollars set aside.
Making sure that you are prepared for retirement is essential for financial wellness. It isn’t just retirement that is an issue. According to FINRA, only 46% of us have a rainy day fund at all. It seems that setting money aside for the future is not as common as you might think.
For many, actually confronting the fact that time is going by and that they may be hitting retirement age sooner than they think is a really tough thing to get their head around. Unfortunately, sticking your head in the sand like an ostrich is not going to save your retirement or provide financial wellness.
Another thing to consider is that Americans are living longer than ever. Research suggests that some people may need to provide for 38 years of retirement, as they may live far longer than expected. Making sure you are ready for retirement means you have to set your budget, and then work out how to make a plan to achieve the goals you have set. Find a reputable financial advisor who you trust and that you can work with.
If you want your golden years to be golden, start planning as soon as possible and financial wellness could be yours to enjoy.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.