Are Americans Ready?
The long second half of the retirement game
- 69% believe there is at least some chance that they will outlive their savings.
- 14% think they definitely will!
How to fix this? Save as much as you can as soon as you can – and if it’s getting late in your career, take advantage of the $1,000 IRA catch-up contribution. In 2016, individuals age 50+ can contribute $6,500 to their IRA. Try to move as much money as possible to tax-free territory like Roth IRAs and leverage life insurance.
The Preparation Epidemic
- 44% have not taken steps to prepare for retirement
- 17% have put together a financial plan
- 21% have increased their savings
How to fix this? You have to proactively plan for your retirement, and that starts by educating yourself to ask the right questions and find an educated financial advisor – a true Fiduciary working on behalf of your best interests.
Your Yo-yo Economy
- 25% believe social Security will be available in retirement
How to fix this? We live in a yo-yo economy – meaning, You’re On Your Own! You can’t count on Social Security as a primary source of retirement income. Max out your company plan contributions to take full advantage of any company match then put any other available retirement funds in an IRA or Roth IRA.
The Hurdles to Retirement Success
- 74% of Americans believe lack of savings and planning will be leading obstacles in retirement.
How to fix this? The longer you wait to act, the more daunting the obstacles will appear. Meet with a knowledgeable financial professional who will help you create a blueprint for your savings goals. Today is better than tomorrow. In the savings game, your best asset is time and it’s ticking as you read this.
Copyright © 2016 by Ed Slott and Company, LLC