You Can’t Afford to “Wing It” When It Comes to Retirement!
Having a written plan makes it more likely you will stick to your plan.
You’ve heard this before: Failing to plan is planning to fail. This couldn’t be more true than when it comes to retirement. According to a recent survey conducted by the Transamerica Center for Retirement Studies (TCRS), more than one-third (37 percent) of workers don’t have any strategy for their retirement. These people are truly winging it…leaving their futures to chance.
The study also found that almost half (47 percent) of all workers have a strategy, but it’s not written down. Such a plan is better than nothing, but most likely it’ll be incomplete.
Fewer than one in five workers (16 percent) have a written plan, which is ideal. Research in behavioral economics shows that having a written strategy increases a person’s commitment to carrying out the plan.
So what should go into a successful retirement strategy? Read more, and check out additional links, from MoneyWatch’s Steve Vernon.
Are you part of “Generation Grumpy”?
If you were born from 1962-71, you may be part of #GenerationGrumpy. You’re not alone, and you’re entirely justified!
According to The New York Times’ Robert Gebeloff, “The generation of people born 1962 to 1971, now in what are typically peak earning years, are finding they are not doing as well as they might have expected….Middle age used to be the peak earning years on the job market, but this is no longer true, especially for men. People 45 to 54 are still earning more than than younger colleagues. What’s changed is on the other side of the age matrix: Older workers have increasingly gained ground on the income scale. The older they are, in fact, the more rapid the ascent up the income rankings.” Read the full article here.
Regardless of what you thought you might be earning, however, there’s always opportunity to save for retirement. Please give us a call if you’d like to learn more.
