Monday, April 1, 2013

Saving for Retirement

How are your retirement savings progressing?  The Employee Benefit Research Institute released a report in March, 2013 that found 28% of Americans felt they are not at all confident” that they have saved enough for retirement. That is the highest level ever recorded in the 23 years of the survey.

That study found that 57% of the US workers have less than $25,000 in total household savings and investments net of the value of their home. There are significant changes on the retirement horizon. The stability of Social Security is up for discussion. Employer defined benefit retirement plans (where the investment risk is borne by the employer) are being discontinued in favor of defined contribution (i.e. 401(k), etc.) plans (where the investment risk is shifted to the employee).


So how much do you need in retirement and how has your planning progressed? The traditional “work longer” approach may not be viable as some companies are changing their work force requirements. A prominent television commercial is asking “What’s your number?” i.e. how much money do you need to fund the retirement you desire? Should you have questions about where you are positioned vs. your retirement needs, please call us at Paragon Financial Advisors. We’ll help you answer those questions.


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