Colin Anderson, AIF®’s Post

Despite nearly all time highs in the market, and huge increases in overall household wealth, outliving retirement savings continues to be a huge concern for today's retirees. This piece from Yaël Bizouati-Kennedy lays out a stark reality facing many retirees and demonstrates a failure of preparation from savers and the mass-market financial advisory industry. Retirement is one of the biggest transitions in life, and a majority of Americans feel unprepared. People over the age of 65 continue to be a larger percentage of our population and their challenges will impact our economy for decades. To ensure we are providing future retirees the proper foundation for success, retirement planning needs to educate and inform people how to meet their needs through income diversification and establishing guardrails. 1. Planning ahead for how and when to take Social Security to maximize lifetime benefits 2. Creating guaranteed lifetime income to cover all essential expenses 3. Segregating an adequate emergency fund to cover 6-12 month (or more!) of expenses to ward off sequence of return risk 4. Establishing threshold for when to increase or decrease withdrawals from market-based investment accounts. https://lnkd.in/ehnFkW6z #retirement #annuity #annuities #money

78%(!) of Americans are facing challenges funding their retirement plans, reveals the latest New York Life Wealth Watch survey. The leading factors behind this struggle include: - Inflation: Rising living costs have prompted some individuals to halt retirement contributions and, even worse, dip into their retirement savings. - Unexpected Expenses: Emergency funds are often neglected, leading individuals to rely on credit cards and retirement accounts to cover unforeseen costs. - Health Issues: Still the major cause of bankruptcy in the U.S., health expenses can be managed by establishing a Health Savings Account to cover these bills. Finding additional sources of income can ease financial stress but most of these plans require advanced timing and effort. Otherwise, people feel like they are falling farther and farther behind which makes it harder and harder to catch up to where they want to be financially secure. #RetirementPlanning #FinancialWellness #HealthcareCosts #Inflation #EmergencyFunds #NYLWealthSurvey

Despite doom-and-gloom news surrounding retirement, inflation, and soaring interest rates, a recent study by GoBankingRates found that 40% of Americans don’t plan on working once they retire. Austin Kilgore, Achieve Center for Consumer Insights Analyst, shares his thoughts on why some consumers may feel more financially ready for retirement than others. What do these people have in common? Read to find out: https://bit.ly/49d4Y2Y #welcometoachieve #retirement #personalfinance #retirementtips #retirementplanning #savings #consumersavings #money #financenews #fintechnews

Because of inflation, the amount of money that people think they must have saved up in order to retire has increased, and the gap between savings versus projected needs is wider for every age group. But is this new magic retirement “number” accurate? In reality, your desired lifestyle and other factors unique to you determine what you will need. A custom retirement plan can help you answer questions about how you will fund your retirement. Call us at 847.312.3454! https://lnkd.in/emj4Rt8z

Thanks to inflation, the amount of money people think they need to have saved in order to retire comfortably has increased. Consequently, the gap between savings versus projected needs is wider for every age group. But is this new magic retirement “number” Americans think they’ll need (a record $1.46 million) accurate? In reality, your desired lifestyle and other factors unique to you determine what you will need. A custom retirement plan can help you answer questions about how to fund your retirement without sacrificing freedom. Call us!

“What is your greatest retirement fear?” If you ask some pre-retirees this question, “outliving my money” may be one of the top answers. In fact, 45% of workers say they fear outliving their savings and investments. 😨 Retirees face greater “longevity risk” today. The Census Bureau says that Americans typically retire around age 62 for women and 65 for men. Social Security projects that today’s 63-year-olds will live into their mid-eighties, on average. This is a mean life expectancy, so while some of these seniors may pass away earlier, others may live past 90 or 100. 🧑🦳 💰 If your retirement lasts 20, 30, or even 40 years, how well do you think your retirement savings will hold up? What financial steps could you take in your retirement to try and prevent those savings from eroding? 👉 Read the article here where we explore various possibilities and realities. https://bit.ly/4df6y7m #financialplanning #retirementplanning #TuesdayMotivation

As retirement looms, the gap between the average American and the top 1% becomes strikingly clear. Did you know the top 1% can have over $5 million set aside, while the median household struggles to hit $87,000? What's behind this vast disparity? Jeannine Mancini discusses a few factors contributing to this gap, including income inequality, differences in access to employer-sponsored retirement plans, and varying levels of financial literacy and advice, all of which play a significant role in shaping these outcomes. #RetirementPlanning #FinancialPlanning https://lnkd.in/gw9JSswj

Because of inflation, the amount of money that people think they must have saved up in order to retire has increased, and the gap between savings versus projected needs is wider for every age group. But is this new magic retirement “number” accurate? In reality, your desired lifestyle and other factors unique to you determine what you will need. A custom retirement plan can help you answer questions about how you will fund your retirement. Please schedule a call with me here: https://bit.ly/3UVKTZq

Because of inflation, the amount of money that people think they must have saved up in order to retire has increased, and the gap between savings versus projected needs is wider for every age group. But is this new magic retirement “number” accurate? In reality, your desired lifestyle and other factors unique to you determine what you will need. A custom retirement plan can help you answer questions about how you will fund your retirement. Call us! You can reach us at 720.974.4800.

Because of inflation, the amount of money that people think they must have saved up in order to retire has increased, and the gap between savings versus projected needs is wider for every age group. But is this new magic retirement “number” accurate? In reality, your desired lifestyle and other factors unique to you determine what you will need. A custom retirement plan can help you answer questions about how you will fund your retirement. Call us at 805.941.0444!