“It’s happening…and it’s happening right now. Today all across America, 10,000 baby boomers turn 65 years old. Tomorrow? Another 10,000. According to many research studies, not many of these individuals are likely to retire with financial security and be able to continue their preretirement levels of spending. Why? According to an article from CNBC.com in 2011, 95% of Americans haven’t saved enough from their 40 years of work to pay for their retirement years. About 33% have saved nothing at all. If you’re counting on Social Security to bail you out, think again. Social Security often only provides enough income to live around the federal poverty line. Furthermore, people are living longer than ever. You may need your retirement savings to last 30 years…maybe more. So what’s the solution? Although not necessarily easy, it’s pretty simple at its core. Spend less than you earn. Set a monthly spending plan, and then pay yourself first by direct deposit into your 401(k), Roth IRA and/or other retirement account. Then use the web to monitor your accounts and track your progress. If you do nothing other than pay yourself first by saving a healthy part of your income, you’ll place yourself on a much better path than most Americans (according to research like that cited above) and have a far better chance to enjoy your golden years in financial comfort. The best time to start saving for your future is right now.”
(Source: CNBC: Enough Money For Retirement? Even The Rich Say No. Dec 14, 2011)
The best time to plant a tree was 20 years ago. The second best time is now.
Naturally, questions arise for those wanting to develop a more accurate and diligent “game plan.”
- “Am I saving enough so I may retire comfortably?”
- “Am I staying on track with my spending plan?”
- “Am I spending too much?”
These are all vital questions, and the solution is right at your fingertips. Today’s technology offers a variety of “planning software” programs that help address these questions. These programs give you the ability to build out your own budget, track your spending and generate different types of reports to see exactly where your money is going. As our technology and resources continue to advance, budgeting and saving are becoming an easier and more realistic goal. While these programs are important, having a personal relationship with a knowledgeable team is equally, if not more, critical to reaching your future financial goals. Start planning your financial future today!
Published: May 29, 2015
Authored By: Christian Tant
The information in this material is only as current as the date indicted, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements.