Issue 45.16
The leaves have turned brilliant colors and the weather has cooled, signaling that the bounty from harvests across the farmlands of America will be headed toward our tables. All as a result of seeds sown months before.
This is an excellent reminder that, in order to reap the rewards of a bountiful retirement, you need to plant the right seeds in advance.
This is a critical issue for baby boomers, as the results of a survey on retirement readiness (by PNC Bank) revealed:
- 83% fear health care costs will be too high in retirement.
- 74% haven’t reached the $1 million in retirement savings, although they expect to need at least $1.3 million to retire comfortably.
- 55% worry their savings may not last as long as they will.
So what seeds should you sow now to ensure you are not part of those worrisome retirement (un)readiness statistics?
Prepare, Prepare, Prepare
“Due to advances in medical science, life expectancy is increasing, and people are facing the prospect of spending more time in their non-earning, retirement years,” says Robert R. Johnson, president and CEO of The American College of Financial Services.
Many of us are going to live longer, and we need strategies to surmount the potentially heavy cost of medical care to protect ourselves and our families.
Create a Harvest Plan
If you don’t have millions stowed away for retirement (or even if you do) you need to review all your assets and see what changes you might need to make. Work with a financial planner to help maximize your Social Security benefits, minimize taxes and ensure you have enough income in retirement.
There is no more important action you can take than planning to protect yourself, your family and your nest egg.
Eric Scott has worked in the financial industry for more than 33 years. If you have questions about retirement, you can reach him at 435-773-9444 or info@ericscottfinancial.com.