How Many Americans are Unprepared for Retirement?

Many do not make saving for retirement a priority.

What do you dream about for your retirement?

Travel?

Spending time with family?

Volunteering?

Pursuing hobbies?

Many people have big goals for retirement.

Not many plan financially.

According to a recent CNBC article titled “42% of Americans are at risk of retiring broke,” having goals without making appropriate efforts to reach them is a terrible choice.

Hope is not a strategy.

When it comes to retirement you do not want to be "all hat a no cattle," as we say around these parts.

Unfortunately, about half of Americans have negligible amounts saved for retirement.

The study cited in the article found that some 42 percent have fewer than ten grand saved for their golden years.

Yikes!

Why do people not save for retirement?

For some, they have more month left over at the end of their money each month.

The trend of not saving is highest among Millennials.

The majority of individuals with fewer than $10,000 saved tend to be in this age range.

However, people of all ages are beginning to believe retirement may not be a viable option.

What does this mean for you?

Instead of giving up on retirement, you should be proactive instead.

Look at your expenses and adjust now to create more margin for savings.

Delayed gratification is a discipline to master.

It all starts with a budget.

You would be well-advised to work with an experienced financial advisor to help you meet your goals.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: CNBC (March 6, 2018) “42% of Americans are at risk of retiring broke”